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Truss to freeze energy bills at £2,500 a year from October

Updated: May 2, 2023

Liz Truss is outlining her strategy for addressing the situation with energy prices.

She claims that starting on October 1, the energy price cap will be set at £2,500 per year for a typical home for a period of two years.

Ban on fracking lifted

According to Truss, where there is local support for fracking, the restriction will be lifted.

"This could get gas flowing as soon as six months," Truss says.

A task force on energy supply will "ramp up energy supply."

Truss says government will "defray" the cost of the intervention by ramping up energy supply.

The government has formed an "energy supply taskforce", led by vaccine tsar Madelaine McTernan.

The taskforce is already negotiating new long-term energy contracts with domestic and international gas suppliers to immediately bring down the cost of intervention, Truss says.

We are also accelerating all sources of domestic energy, including north sea oil and gas production.

Chancellor to explain how energy plan will be funded

Chancellor Kwasi Kwarteng will explain how the plan will be funded as part of his fiscal event later in the month, Truss says.

Truss says she "will not be giving into the leader of the opposition, who demands a windfall tax to fund the freeze."

"It would undermine the national interest, by discouraging the very investment we need to secure home-grown energy supplies," Truss says.

Support for businesses

Businesses will be offered the same support that is being offered to consumers, Turss says.

After six months, ministers will offer "focused support" to vulnerable industries.

Guarantee has been agreed with energy price retailers, Truss says

Truss says a typical household will pay no more than £2500 each year for the next two years and the guarantee will include a suspension of green levies.

Truss says the guarantee has been agreed with energy price retailers.

Energy price cap to be fixed at £2,500

The energy price cap will be fixed at £2,500 a year for a typical home for two years from October 1, Truss announces.

The plan is in addition to the £400 energy bill discount that was previously announced and will save the average household £1,000 a year, Truss says.

While it remains to be seen how this will directly affect business energy costs, we will keep you up to date with any changes which may affect your business.

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