What time is Liz Truss' energy plan announcement?

The new Prime Minister Liz Truss is set to announce her plans to support households and businesses across the UK amid soaring energy bills. The politician confirmed that she would announce the plans during Wednesday's PMQs.

It is said that Ms Truss' plans to guard households and businesses against crippling costs will be "bold", while ramping up domestic energy supply, PA has reported. Last week, it was announced that the energy price cap, which covers the vast majority of households, would rise 80% to an average of annual total of £3,549 from October.

The Conservative leader is due to unveil her proposals to Parliament on Thursday and is set to open a general debate at the House of Commons on energy costs. There have been various potential measures ahead of her announcement, from national insurance cut to freezing energy bills.

Although it is unclear exactly when the new prime minister will announce her plans, Sky News has reported that it should be "around 11:30am" on Thursday, September 8. The timing could be pushed back as far as early afternoon however due to other business taking place at the Commons.

Viewers will be able to watch the announcement live on BBC News or Sky News on TV, as well as online with BBCiPlayer and Sky News YouTube channel to watch the livestream.

Many may be asking, what can we expect from Liz Truss' announcement? According to The Guardian, the prime minister is expected to announce that bills will be frozen at about £2,500 a year until 2024. This plan will be a part of a package of support costing up to £130bn, which is funded by taxpayers.

Last week, it was announced that the energy price cap, which covers the vast majority of households, would rise 80% to an average of annual total of £3,549 from October (PA Wire/PA Images)

The BBC has reported that Ms Truss said she knew families and firms were worried about "how they are going to make ends meet this autumn and winter". As well as limit the amount customers' bills go up by, it is believed that the UK Government will compensate energy firms for the difference between the wholesale price for gas and electricity they pay and the amount they can charge customers. Customers will not be expected to repay the help, with the huge support package due to be funded by the government borrowing about £100bn.

Ahead of the announcement, money saving expert Martin Lewis has had his say on the reported government plans to freeze energy bills. On Good Morning Britain on ITV on Wednesday morning, he said: "The big benefit, and problem, of this is (almost) everyone gets it. And those who gain the most from it in cash terms will be those with the highest bills (many, though not all, will be at higher income levels), so clearly it isn't targeted at helping those who need it most."