British Prime Minister Liz Truss said Thursday that her government will cap domestic energy prices for homes and businesses to ease a cost-of-living crisis that has left people and businesses across the U.K. facing a bleak winter. She also said she will approve more North Sea oil drilling and lift a ban on fracking in a bid to increase the U.K.’s domestic energy supply.
Truss told lawmakers in Parliament that the two-year “energy price guarantee” means average household bills will be no more than 2,500 pounds ($2,872) a year for heating and electricity.
