Liz Truss speech today: What time will PM unveil £100 billion cost-of-living energy package?

·2-min read
Prime Minister Liz Truss will unveil her cost-of-living crisis package on Thursday. (Getty Images)
Prime Minister Liz Truss will unveil her cost-of-living crisis package on Thursday. (Getty Images)

Prime minister Liz Truss revealed in her first Prime Minister’s Questions session that she will unveil her cost-of-living rescue package on Thursday, September 8 at around 11.30am.

Ms Truss is using her first few days as leader of the Conservative party to address the ongoing cost-of-living crisis that has households across the UK worrying about how they will afford their energy bills this winter.

The rescue package is expected to cost the government upwards of £100 billion–with analysis from Deutsche Bank putting the cost of the measures at almost £200 billion.

But what can we expect from the cost-of-living package and how will it help households and businesses?

What’s expected from the cost-of-living rescue package?

Ms Truss is expected to freeze energy bills at about £2,500—a significant reduction from the £3,549 annual cap that is set to be introduced on October 1.

The price cap is also set to be revised in January, with experts predicting it could reach more than £5,000 if no action is taken.

Considering the £400 grant that all households are set to receive this autumn, capping annual bills at £2,500 would mean that the price cap would be nearly maintained at the current rate of £1,971.

Deutsche Bank said the level of the £2,500 price freeze was “a substantially lower amount than we had anticipated.”

However, as it is expected to be applied earlier and for longer, plus taken alongside support for business, the near-£200 billion cost experts are predicting would be “a little over 8%” of the UK’s gross domestic product.

Business support

Businesses are also expected to have their energy bills frozen, in a package that experts predict could cost around £40 billion.

When asked about the funding for the scheme, newly appointed Deputy Prime Minister and Health Secretary Therese Coffey told Sky News: “Ultimately, we receive money through taxation from people and businesses and then redistribute that accordingly to the priorities set out in our manifesto and the needs of the country.”