Liz Truss announced today in the House of Commons a two year energy price freeze. The Ofgem price cap, which was due to rise by 80% to £3,549 on October 1, will be replaced with a “two year energy price guarantee”.
This means energy bills will be frozen at £2,500 for two years in the run-up to the next general election in 2024 as families battle the cost-of-living crisis.
A scheme for businesses, schools, hospitals, other public organisations and charities will “offer equivalent support” but last for just six months.
Truss announced in her speech that a review in three months would decide which sectors should receive ongoing help. READ MORE: Martin Lewis tells Liz Truss what must be done in energy bills freeze ahead of Prime Minister announcement The government currently estimates that this scheme will cost around £150bn.
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