Conservative leadership frontrunner Liz Truss has ruled out implementing a further windfall tax on the profits of energy giants.

Speaking at the final Tory hustings, the Foreign Secretary said if she made it to Number 10, she would not approve another windfall tax to pay for the cost of living support for struggling families.

Her final pitch to party members follows a leaked Treasury document yesterday which suggested the price cap rise could bring £170 billion in extra profits to energy giants.

Ms Truss has also dismissed calls for energy rationing – asked whether she could rule out energy rationing, she replied: “I do rule that out. Yes”.

On the other side, Rishi Sunak opposed Liz Truss’ plan, saying “we shouldn’t rule anything out”.

His view comes after a warning issued by the French Government that it might have to ration energy, urging businesses to take steps to reduce consumption.