Energy bills to be capped at £2,500 for typical household

Energy bills to be capped at £2,500 for typical household

New Prime Minister Liz Truss has unveiled plans to limit energy bill rises, spending billions to protect people from soaring prices in England, Wales and Scotland.

She told MPs that the typical household energy bill would be capped at £2,500 annually for two years from 1 October.

It will save people £1,000 a year based on expected energy prices, she said.

This is because the energy price cap was due to rise from £1,971 to £3,549 in October.

Experts and charities warned that without help with soaring energy bills, lives would have been at risk this winter, with people struggling to afford basic day-to-day living costs.

There will be a new six-month scheme for businesses which will provide “equivalent” support, Ms Truss added.

After that, ministers plan to offer “focused support” to vulnerable industries.

Rejecting calls for a deeper windfall tax on soaring energy company profits, Ms Truss said the government would fund the plan – which is estimated at more than £100bn – by boosting economic growth.

As part of this, she said the government would accelerate domestic energy production, lifting a ban on fracking for shale gas and offering more licences for North Sea oil and gas production.

Gas prices have soared this year, largely due to the conflict in Ukraine which has reduced supplies of Russian gas.

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