Liz Truss set to announce ‘bold’ plan to tackle spiralling energy bills

PM Liz Truss is set to announce a 'bold' new plan to tackle spiralling energy bills as the UK continues to suffer a cost of living crisis. The plan is set to guard households and businesses against crippling costs while ramping up domestic energy supply.

The new Prime Minister is expected to tell MPs on Thursday that domestic bills will be frozen at around £2,500 as part of a package to ease the cost-of-living crunch. The suggestion is it will be funded through borrowing, with Truss rejecting the idea of applying a windfall tax on the bumper profits made by oil and gas companies to cover the cost - reported to be up to £150 billion.

Ahead of Thursday’s announcement, Ms Truss acknowledged families and businesses across the country are concerned about how they will “make ends meet” over the coming months and blamed the rising global prices on Russian president Vladimir Putin's war in Ukraine and 'weaponisation' of gas supply in Europe.

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“This has only made clearer that we must boost our long-term energy security and supply,” she said. "We will take action immediately to help people and businesses with bills but also take decisive action to tackle the root cause of these problems, so that we are not in this position again.

“We will set out our plans to deliver on that promise and build a prosperous Britain for everyone.”

Downing Street said the new PM would set out a “bold plan of action to support people across the UK” while also “ramping up domestic energy supply”. Going head-to-head with Sir Keir Starmer at her first Prime Minister’s Questions, Ms Truss confirmed she would make an announcement on her cost-of-living proposals to the