LIZ Truss will unveil her battleplan to save Brits from crippling energy bill rises later today.
The new PM confirmed she will lay out her proposals in the Commons on Thursday – and is expected to announce a radical price freeze.
Liz Truss at her first PMQs
Follow the start of Liz Truss’ premiership live on HOAR’s blog.
In her first PMQs bout against Sir Keir Starmer yesterday, she promised to take immediate action to stop unaffordable bills hammering Brits.
She told MPs: “I understand that people across our country are struggling with the cost of living and they’re struggling with their energy bills.
“And that is why I as prime minister will take immediate action to help people with the cost of their energy bills.
“And I will be making an announcement to this House on that tomorrow.”
Energy bills are set to rocket above an eye-watering £6,000 next year as global gas prices go through the roof.
The PM is set to fix the unit price of gas and electricity for homes and businesses until at least next year – but won’t pass the buck to consumers to pick up the tab.
Officials are rapidly drafting new laws to force firms to sell energy at a loss – with Government borrowing billions to plug the shortfall.
It means bills will effectively be frozen for millions of people and businesses.
But ministers have ditched plans for a 10 to 20-year levy to pay back the cash – over fears that a future PM could just scrap it.
Instead the billions of pounds of extra cash set to be splashed on the plan will wrap into general taxes.
Insiders hope it will avoid an almighty backlash of an ‘energy tax’ for years to come.
New Chancellor Kwasi Kwarteng met City bosses yesterday morning as he prepared to calm markets ahead of the announcement.
Ms Truss reiterated her opposition to putting further windfall taxes on profiteering energy firms.
Calling for a tougher levy, Sir Keir blasted: “Is she really going to leave these vast excess profits on the table and make working people foot the bill for decades?”
But the PM hit back: “Nothing new about a Labour leader who is calling for tax rises – it’s the same old tax and spend.”