Newly appointed UK prime minister Liz Truss has finally set out her plan to shield households and firms from the energy crisis by freezing energy bills, as had been expected, but also by removing the ban on fracking.
Under the government's proposed plans, energy bills will be frozen at £2,500 and businesses will be spared crippling increases until the next general election, scheduled to be held in two years' time. The measure will replace the existing energy price cap set by regulator Ofgem, which was set to increase to £3,549 come October.
Downing Street has refused to put a cost on the programme, but experts have estimated its cost at around £150bn which will have to be funded through increased borrowing, with the economic specifics of this to be unveiled during Chancellor Kwasi Kwarteng's emergency fiscal announcement later this month.
“This is the moment to be bold," Truss told MPs. "We are facing a global energy crisis and there are...