Prime Minister Liz Truss has unveiled a two-year freeze on energy bills at £2,500 per year, which will kick in at the beginning of October.
The Government will pay suppliers the difference between the new frozen rates and market wholesale costs, which will be funded through state borrowing.
Overall costs for the package, which will be combined with equivalent relief for businesses, are estimated in excess of £130bn.
This follows Ofgem’s announced 80 per cent hike in the price cap to £3,549 per year next month, with growing expectations it could potentially double next spring.
Read more at City A.M.
