Liz Truss announces massive energy price support - live updates and reaction

The new Prime Minister and Conservative party leader, Liz Truss, is set to announce her plans to support households and businesses across the UK amid soaring energy bills on Thursday. Press Association has report that her plans to guard households and businesses against crippling costs will be "bold", while ramping up domestic energy supply.

World markets have taken fright at the scale of borrowing the new Prime Minister is planning, having ruled out any further windfall taxes on wind, solar, nuclear and fossil fuel energy generating firms making unprecedented profits due to the high price of energy. The pound has fallen to its lowest level against the US dollar since 1985 at £1.14 to the dollar.

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. Ms Truss has said that she knows that families and firms are worried about "how they are going to make ends meet this autumn and winter" and confirmed during Wednesday's PMQs that she would announce her plans to tackle the crisis the following day.

She is due to unveil her proposals to Parliament at around 11:30am on Thursday, September 8, opening a general debate at the House of Commons on energy costs. There have been various potential measures discussed ahead of her announcement, from national insurance cut to freezing energy bills.

To get all the latest updates on the UK Government energy announcement, follow our live blog below.