The government has announced that domestic energy bills will be frozen at £2,500.
Ofgem's energy price cap will be replaced with a new "energy price guarantee" in an attempt to ease the financial pressure many households face with their energy bills. Additionally, a similar scheme will be set up for businesses, schools, hospitals, and other public organisations and charities to "offer equivalent support", however, this will only last for six months.
Meanwhile, "vulnerable" industries will receive longer-term support that will be set out later following a review in three months to decide which sectors should receive the ongoing help. The government will wait on an emergency Budget later on this month to set out how much the new plan will cost - current estimates predict it could go up to £150 billion, the Mirror reports.
