LIZ Truss is set to announce a massive support package to help Brits with spiralling energy bills today.
The PM is expected to confirm that gas and electricity bills will be FROZEN until the next general election in 2024.
And she won’t pass the buck to consumers to pick up the tab.
Liz has set out her pitch to the nation during the first PMQs of her premiership.
The PM pledged to give Britain an economy with “high wages and high skilled jobs”, brought about through tax cuts.
In a dig at Sir Keir Starmer, Liz quipped: “There’s nothing new about a Labour leader who is calling for tax rises – it’s the same old tax and spend.”
On Wednesday the PM hosted her new-look Cabinet for the first time too at No10.
Ms Truss promoted her closest allies to top government jobs – and brutally culled supporters of Rishi Sunak.
Among her new team, she named loyal pal Kwasi Kwarteng as Chancellor, tasked with tackling the raging energy crisis battering Brits.
And Suella Braverman – a one-time leadership candidate – is the new Home Secretary after being promoted from Attorney General.
Meanwhile, top ally James Cleverley was appointed Foreign Secretary.
A raft of new junior ministers were appointed today too, including former Housing Secretary Robert Jenrick and former Commons Leader and Chief Whip Mark Spencer.
Read our new Prime Minister blog for the latest news & updates…
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Martin Lewis outlines new energy plan
Martin Lewis, the UK’s Money Saving Expert, has outlined the PM’s new plan to reduce bills this winter.
He outlined the 15 key points of the plan.
These include outlining how much the average Brit will pay per year for the next two years, and if hard-up workers will still get the help previously promised by Rishi Sunak.
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The Energy Price Guarantee, a visual explainer
Here is a simple visual explainer for the PM’s new cost of living plan.
Under the new scheme, energy bills will be capped at £2,500.
This is in contrast to the staggering £3,549 expected before the intervention.
Brits will still get the £400 energy payment this autumn.
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UK to be ‘net energy exporter by 2040’
Liz Truss has set about preventing Britain from ever being in an energy crisis again.
Today she announced that she would “end the UK’s short-term approach to energy” and make the UK a “net energy exporter by 2040.”
In her speech today, she committed to net zero, nuclear and sustainable energy.
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The key points of Liz Truss’s new Energy Price Guarantee
Here are the key details of the PM’s new energy plan.
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100 new fracking licences to get the go ahead
Liz confirms that the ban on fracking in Britain WILL be lifted.
The government will be launching a new fracking licencing round, which is expected to lead to over 100 new licences being awarded.
The PM said: “We will speed up all deployments of all clean and renewable technologies, including hydrogen, solar, carbon capture and storage and wind, where we already are a world leader in offshore generation, renewable and nuclear generations generators.”
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Energy Price Guarantee to apply to in Northern Ireland
The PM’s new Energy Price Guarantee will apply in Northern Ireland
Some had feared the plan would not extend to Ireland, but Liz Truss has quelled those fears.
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PM’s Energy plan could curb inflation by up to ‘5%’
Liz Truss has claimed her new energy plan could reduce inflation by “5%”.
This comes as Britain faces its highest inflation in four decades.
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The Energy Supply task force
Liz Truss has announced a plan to create a task force dedicated to finding long-term solutions to the energy crisis.
The government will work to end electricity prices being set by the marginal price of gas.
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‘This is the moment to be bold’
Liz Truss has passionately declared “this is the moment to be bold”, as Britain and the world faces an energy crisis.
Her new plan will see energy bills capped at £2,500.
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Business energy bills to be capped too, but only for six months
Businesses will have a separate six-month scheme offering the same support as households.
The government could extend that scheme for the most vulnerable industries, such as local pubs.
Emergency legislation will be brought forward to get the plan started.
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No windfall tax
Liz Truss has confirmed that her government will not follow Labour’s demands to introduce a windfall tax.
She has called her approach “pro-growth, pro-business, and pro-investment.”
She went on to say “we can’t tax our way to growth.”
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Millions excluded from price cap will get help with bills
Households that are not on standard gas and electricity tariffs will receive equivalent financial support from a new fund, according to Liz Truss’ latest statement.
Over 1.6million homes which rely on heating oil are not currently protected by the energy price cap.
A further 850,000 households that live in mobile homes on 2,000 sites across the UK aren’t protected by the energy price cap.
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‘Typical household energy bill’ will be capped at £2,500
As expected, Liz Truss has announced that the energy bills of a ‘typical household’ will be capped at £2,500 per year.
This is set to be paid for by over £100 billion of borrowing.
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‘The Energy Price Guarantee’
The PM has announced her Energy Price Guarantee
Here are the key details she has revealed so far
- No family will pay more than £2,500 a year for the next two years from October 1st
- – This will save the average household £1,000 a year
- – It comes in ADDITION to the £400 rebate for all homes
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Energy announcement to begin SOON
Liz Truss will announce her drastic plan to solve rising energy costs in the coming minutes.
Stay tuned to see the PM’s plan as its announced.
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Energy plan to provide ‘medium term’ solution
Simon Clarke, the Levelling up Secretary, has told the BBC that the PM’s new energy plan will provide Brits with “medium term certainty” when it comes to the cost of living crisis.
He told the BBC: “We are not looking here at sticking plaster solutions. We want a lasting settlement that provides both comfort and clarity for both households and businesses.
“This is a major attempt to draw a line and provide energy certainty for everybody in this country about energy usage in the medium term.”
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When will Liz Truss announce her new energy plan?
The new PM will announce her plan to solve the cost of living crisis at 11:30am today.
Experts predict Truss to announce borrowing of over £100 billion in order to freeze energy bills.
To watch her speech, tune into our cost of living blog.
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Liz Truss to announce energy plan today
The new PM will announce her drastic plan to solve the cost of living crisis today.
Over £100 billion is expected to be spent in order to freeze energy bills, capping yearly bills at around £2,500.
This will reportedly be paid for via borrowing, rather than taxing oil and gas companies.
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Cabinet shake-up, meet the newbies at No. 10
As Liz Truss was appointed as the new Prime Minister, Priti Patel and others quit within hours of the news being announced.
Say hello to:
- Kwasi Kwarteng, who is the UK’s first Black Treasury chief.
- Therese Coffey its first female deputy prime minister.
- James Cleverly as foreign secretary.
- Suella Braverman as home secretary.
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‘Absolutely no difference’
Labour has hit out the government’s plans to lift a ban on fracking.
Ed Miliband told LBC bringing it back would make “absolutely no difference” to households crippled by soaring energy bills.
The Shadow Energy Secretary added that “there is only one way out” of the energy crisis and that is by getting rid of fossil fuels, which he argued are nine times more costly than renewables.
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Bring back the frack
Government is set to announce an END to its ban on fracking.
Defending the controversial decision this morning, Simon Clarke said that “if we want energy sufficiency, we have to look at every source”.
The Levelling Up Secretary added that “community consent” will be required in areas where companies want to drill.
Environmental activists despise the decision, which they say goes against the UK’s goals to become a more eco-friendly state.
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No more windfall taxes
Simon Clarke has strongly rejected calls by Labour to pay for today’s cost of living support package through another windfall tax on oil and gas giants.
The support announced today is predicted to cost around £100 billion.
But the government doesn’t want big energy firms to foot the bill.
They’re expected to borrow money to cover the up front costs, which will then be paid back through general taxation.
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Martin Lewis welcomes Liz’s energy announcement
Money Saving Expert Martin Lewis has told Radio 4’s Today programme that he welcome’s Liz’s anticipated plan to freeze energy bills.
He said tens of millions of hard-up Brits will breath a collective sigh of relief.
Mr Lewis also said he is glad the “political will” to do something about soaring bills is now here.
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Energy help will last years
New Levelling Up Secretary Simon Clarke has told LBC he hopes the government’s financial support package for bills will be a “lasting solution” to the energy crisis.
He added that gas prices could stay high for the next two years, but the “decisive” package being announced today will help households across that time frame.
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NHS could face ‘extreme pressure’ in busy winter
Health leaders have called on Liz Truss to take action to help the NHs cope this winter.
Matthew Taylor, chief executive of the NHS Confederation, said: “The NHS needs an immediate support package but with over 130,000 vacancies and a real-terms funding cut that could stretch to £9.4 billion this year, there is no quick fix.
“Without additional support measures to address investment in capital, workforce and social care, the health and wealth of our nation will suffer in the long term,” the Independent reported.
