Incoming Prime Minister Liz Truss has drafted plans to fix annual electricity and gas bills for a typical UK household at or below the current level of £1 971 . In discussions with her team and government officials in recent days, Truss has settled on a mechanism that will avert the massive increase in energy bills that is due to kick in at the start of next month under the existing pricing system, according to officials and advisers to Truss who were briefed on the plan.
Sterling market had tumbled in the weeks before Truss’s victory with investors wary of her plans to cut taxes despite the inflation pressures that have hit the pound. The yield that investors demand to lend to British companies has risen to its highest level in a decade.
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