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Cost of Living payment latest: Energy price cap announced that will save money for millions; plus how to reduce bills



LIZ Truss has today confirmed that energy bills WILL be frozen at £2,500 in a major intervention to protect Brits from crippling price hikes.

The freeze will come in on October 1 and will last for two years.

The new PM will cap the wholesale cost of gas to stop families paying eye-watering sums to heat their homes this winter.

Businesses will have a separate six month scheme offering the same support.

The government could extend that scheme for the most vulnerable industries, such as pubs.

Households will still get a £400 cost of living rebate on bills this winter.

Millions of Brits excluded by the price cap will get support from a new fund

Bills had been set to rise to £3,000 in January before jumping to more than £6,000 in April.


Ms Truss announced her radical plan in the House of Commons this morning.

The PM also lifted the ban on fracking and launch drilling in the North Sea, in an effort to dramatically boost Britain’s energy supplies.

Her huge spending splurge – set to be bigger than furlough – will be funded by more borrowing – but Ms Truss believes it’s worth it to stop Brits being hammered by unaffordable prices.

Top Cabinet Minister Simon Clarke said this morning the economy will suffer “enormous damage” if the Government fails to control surging energy prices.

Meanwhile, one million people receiving tax credits began receiving the first tranche of their Cost of Living Grant from the HMRC at the end of last week.

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Cost of Living payment latest: Energy price cap announced that will save money for millions; plus how to reduce bills