The new government reportedly plans to announce tomorrow that energy bills will be frozen in a plan that could cost £100 billion.

The scheme could see energy bills capped at around £2,500 a year for all households.

A few days ago, Ofgem confirmed that the price cap would rise to £3,549 from 1st October.

Liz Truss also plans a £40 billion aid package for businesses to help them cope with soaring energy bills and cost of living.

According to Bloomberg, the plan is to discount business energy bills by fixing the wholesale price of gas and electricity.

Earlier today, Britain’s new Deputy Prime Minister and Health Minister Therese Coffey confirmed that the new government was working on plans and potential measures, finalising the details of the energy bill support package.

Yesterday, in her first speech as Prime Minister, Liz Truss said: “I will deal hands-on with the energy crisis caused by Putin’s war. I will take action this week to deal with energy bills and to secure our future energy supply.”