Prime Minister Liz Truss has defended her Government's controversial tax cuts as she vowed to 'usher in a decade of dynamism'. Truss has come under fire from Labour who accused the Prime Minister and Chancellor Kwasi Kwarteng of gambling with people’s finances in 'casino economics', and claimed their 'trickle-down' approach will leave the next generation worse off.
How the Liz Truss energy price cap will work and how much households will save
08.09.2022 - 15:39 / dailyrecord.co.uk
Prime Minister Liz Truss has announced a new energy price guarantee which will hold average household bills to no more than £2,500 for the next two years running up to a general election.
The Energy Price Guarantee, which supersedes the Ofgem energy price cap, will limit the price that suppliers can charge customers for units of gas.
Here is what we know so far about the measures:
This will save the typical household £1000 a year. It comes in addition to the £400 Energy Bill Support Scheme.
The new price guarantee starts 1 October and for average household use bills will be about be £2,500 a year and it will last for two years.
The current price cap is £1,971 at typical use, and was due to rise to £3,549 and over £5,400 in January.
There’s also £650 for benefit claimants (£324 already paid), £300 for pensioners and £150 for disabled people.
Prices will go up. The average energy bill last winter was only £1,277 and the cap is on the unit price of energy, which has not been detailed yet. Some household will use more energy and be billed more, so this is not a hard cap of £2,500 on all bills - it’s a cap on the average bill.
The scheme works across the UK with measures for Northern Ireland too. The Government will set up a fund for those using heating oil, living in park homes or those on heat networks so that all UK consumers can benefit from “equivalent support”, Liz Truss said.
Truss promised support for businesses struggling with bills for six months, with targeted support for vulnerable firms beyond that.
The overall cost for support for households and businesses could soar to more than £100 billion, which will be funded by borrowing.
The Government will wait until an emergency Budget this month to set out how much the vast
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