PM Liz Truss is set to announce a 'bold' new plan to tackle spiralling energy bills as the UK continues to suffer a cost of living crisis. The plan is set to guard households and businesses against crippling costs while ramping up domestic energy supply.
The new Prime Minister is expected to tell MPs on Thursday that domestic bills will be frozen at around £2,500 as part of a package to ease the cost-of-living crunch. The suggestion is it will be funded through borrowing, with Truss rejecting the idea of applying a windfall tax on the bumper profits made by oil and gas companies to cover the cost - reported to be up to £150 billion.
Ahead of Thursday’s announcement, Ms Truss acknowledged families and businesses across the country are concerned about how they will “make ends meet” over the coming months and blamed the rising global prices on Russian president Vladimir Putin's war in Ukraine and 'weaponisation' of gas supply in Europe.
