BREAKING NEWS: PM announces price cap on energy
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Addressing Parliament at 11.45am, Prime Minister Liz Truss has offered the first indication of support to households in the face of the energy crisis.
She said: "I am announcing an Energy price guarantee from October 1.
"Households will pay no more the £2500 for the next two years to get the energy market back on track.
"People will save on average £1000 per year for a typical household and this is in addition to the existing £400 support.
"This guarantee supersedes OFGEM's cap and has been agreed with energy suppliers.
"We will deliver this be securing wholesale prices which put in long term measures to secure supplies at rates so we are never in the same position again."
"We will also set up fund for heating oil and heating networks so that all UK consumers can benefit.
She continued: "We will also support all businesses, charities and the public sector with an equivalence guarantee for six months then further support to vulnerable sectors such as hospitality after this.
"The business secretary will work to see where targeted support is needed and review within three months to give certainty"
But she added: "Companies need to look for energy efficiency,
"I recognise that people are struggling with energy bills.
"We will be bringing forward emergency legislation.
"The chancellor will do fiscal statement later this month, but I will be clear, we are not funding this through a windfall tax on energy companies."
