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HomeWorldLiz Truss caps energy bills at £2,500 until 2024

Liz Truss caps energy bills at £2,500 until 2024

Under the prime minister's flagship plan to deal with soaring household bills the existing energy price cap will be replaced with an "energy price guarantee”.

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London: Newly elected Britain’s Prime Minister Liz Truss has announced a new energy price guarantee which will hold average household bills to no more than £2,500 (around $ 2886) from October.

Under the prime minister’s flagship plan to deal with soaring household bills the existing energy price cap will be replaced with an “energy price guarantee,” reports The Independent.

She is also expected to scrap the ban on fracking.

Also Read: Breaking: British monarch Queen Elizabeth II dies at 96

Truss, who is speaking in the House of Commons, also promised support for businesses struggling with bills for six months, with targeted support for vulnerable firms beyond that.

“This government is moving immediately to introduce a new energy price guarantee that will give people certainty on energy bills, it will curb inflation and boost growth,” Truss said.

“This guarantee, which includes a temporary suspension of green levies, means that from 1 October a typical household will pay no more than £2,500 per year for each of the next two years while we get the energy market back on track.”

“This will save a typical household £1,000 a year. It comes in addition to the £400 energy bills support scheme. This guarantee supersedes the Ofgem price cap and has been agreed with energy retailers,” the pm was quoted as saying.

Also Read: Queen Elizabeth II Dies: The longest-lived and longest-reigning British monarch

Opposition parties have warned the plan to ease the cost-of-living crisis without taxing energy firms could saddle Britons with debt for decades, the report said.

Liz Truss defeated Rishi Sunak to become the next Prime Minister of Britain.

Truss has been declared the winner with 81,326 votes, defeating former finance minister Rishi Sunak, who received 60,399 votes.

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