Money expert Martin Lewis has been looking at the pros and cons of the reported Government plans to freeze energy bills. New Prime Minister Liz Truss is expected to outline her plans on how to help reduce energy costs for millions of households across the UK this week.
It has been reported that those plans will include a freeze on energy bill prices to deal with the cost of living crisis. The Prime Minister is expected to announce a plan to freeze domestic bills in England, Scotland and Wales at around £2,500 - some £500 higher than the current cap but £1,000 below the level they are expected to hit in October and many thousands below rises predicted over the next six months.
A plan experts think would cost between £90billion and £130billion. It is thought Ms Truss will allow energy companies to borrow with government-backed loans to fund the subsidy. But it's not known whether the money will be repaid by homeowners through their energy bills or their taxes.
