There are hopes she will freeze bills
A new Prime Minister is in place and after promising action on energy bills in her first week in office, hopes are high that PM Liz Truss will deliver. Consumer champion Martin Lewis has spoken out on the rumours of an energy price freeze and what that would mean for the consumer.
The Government has not yet confirmed any specifics on how help could be delivered to Brits on the energy crisis, but Liz Truss is reportedly considering a freeze on energy bill prices, according to The Times, which reported Truss could freeze energy bills at around £2,500 per household. According to the Mirror, which quoted experts, the freeze would cost between £90billion and £130billion.
With a word of warning though, he said the cost of this scheme would need to be paid back, and may not give enough help for those really struggling. Adding: "The big benefit, and problem, of this is everyone gets it. Martin also pointed out that many energy users may have locked in to fixed rate deals - and may not benefit from the price cap freezing. This price cap is due to rise to £3,549 in October. Because of this, up to 15% of households have taken out fixed rate deals higher than the current price cap, thinking it would save them money in the long run.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Truss set to freeze energy prices until next election as she outlines vision as PMLiz Truss is set to freeze energy prices for two more years - until the next general election - in one of her first major moves as Prime Minister.
Read more »
'I can't unsee this' Lewis Capaldi responds to Liz Truss lookalike jokesSinger Lewis Capaldi has responded to fans claiming he looks like Liz Truss.
Read more »
Public venues could be heat banks for those struggling with billsSome Nottinghamshire councils say progress is being made on establishing 'heat banks'
Read more »
Martin Lewis welcomes rumoured energy bill freezeMartin Lewis would ‘absolutely welcome’ government plans to freeze energy bills at their current level. The Money Saving Expert founder says this intervention by the new PM would go ‘a decent way to mitigate further short-term damage’ to millions.
Read more »
Liz Truss may freeze home energy bills for 18 months - reportsThe plan would reportedly cost around £100 billion
Read more »
Taxpayers will pay for freezing energy bills despite Liz Truss tax pledge, economists warnEconomists have cast doubt on the new PM's ambition to fund the energy freeze and offer support to businesses which are also struggling with their bills, without having to increase taxes
Read more »