Liz Truss has pledged to tackle soaring energy bulls in her first speech outside Downing Street – with an energy bills freeze set to be announced as soon as Thursday.
The UK's new leader is understood to have held talks with energy bosses last night to negotiate the terms of the freeze, which would likely see the government subsidise the cost of gas being bought by suppliers and electricity generators.
The £1billion effort by the new PM would hopefully keep the price cap at £1,971 for the average household – much lower than the projected £6,000 the cap could reach next year.
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However, it is thought the relief would act as a sort of loan for taxpayers who would then have to "pay back" the money, meaning even once the crisis subsides, the cost of bills might not fall by much.
In a bid to boost energy supplies, Truss has also spoken out about lifting a ban on fracking, a controversial process to access hard-to-reach oil.
Truss will speak outside Number 10 today, and is expected to launch a "100 day policy blitz"
As well as freezing energy costs, it is thought she will slash taxes and make major changes to the NHS in a "bid for shock and aww" to start her new prime ministerial era.
An emergency budget is likely to be announced in the next two weeks in addition, with Kwasi Kwarteng – thought to be taking up the role of Chancellor in Truss' cabinet – suggesting help will last ‘through this winter and the next’.
Experts believe the government's new energy strategy could cost around £60 billion per year.
Making a speech outside Downing Street today as she assumed the position of Prime Minister, however, Truss didn't address the issue of energy bills beyond vague promises of "spades in the ground" to make sure that working people are supported.
"As strong as the storm may be, the British people are stronger," she said.
"We can ride out the storm."
Truss beat out rival Rishi Sunak in the leadership race yesterday with 81,326 votes to 60,399 – with more than 57% of the vote going to the new PM.
Truss promised to "deliver" four times while paying tribute to outgoing leader Boris Johnson, who she said "crushed Jeremy Corbyn and stood up to Vladimir Putin".
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