New PM Liz Truss told MPs that the energy price will be frozen for the next two years at £2,500, which is £1,000 below the £3,550 cap due to come into effect from October. However, this is already twice the cap level a year ago when it was £1,300.

The £150 annual green levy will also be removed on a temporary basis, while the £400 support towards bills from October will remain.

Truss said: ‘We will absolutely support business, charities and public sector organisations for six months on an equivalent basis and a review of prices will be concluded within three months. Companies also need to look at ways to conserve energy usage.’

There were no details on how the measure will be funded, with Truss stating that ‘the costs will be set out as part of the fiscal statement later this month’. She added that ‘the intervention is expected to curb inflation by 5%’.

An ex