Liz Truss ‘to make energy bills announcement this week’

Liz Truss becomes the next Prime Minister

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Liz Truss has just been announced the winner of the Conservative Party leadership competition, making her the UK’s new Prime Minister. Ms Truss will be instated as the Prime Minister tomorrow by the Queen at Balmoral and will also make her first speech as Prime Minister of the UK.

John Kay, BBC News presenter said on BBC Breakfast this morning that Ms Truss will make the announcement of her energy crisis plan on Thursday this week.

BBC’s Political Editor John Mason informed Mr Kay that he had heard from Ms Truss’ team this morning that they had been working on a support package for energy bills “and had been for some weeks”.

Mr Kay then stated that the BBC understood that Truss has pencilled in Thursday as the day that she will make an announcement on “exactly what help people can expect”. 

The BBC also heard from Ms Truss’ team that there had been “very active discussions” with all the major oil and gas producers for some time and that “lots of measures” had been considered.

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Her team also denied the reports that Ms Truss is considering a major freeze on energy bills for this autumn and winter. 

Ms Truss faced criticism during her campaign for not providing enough detail on her plans. 

On the BBC’s new show, Sunday with Laura Kuenssberg, Ms Truss said: “If I’m elected as Prime Minister, within one week I will make sure there is an announcement on how we are going to deal with the issue of energy bills and of long term supply to put this country on the right footing for winter.”

When asked what the plan was she added: “I’m not going to go into details of what a putative announcement would be before.”

It has also been reported that an emergency budget is expected for September 21.

Commenting on the appointment of Truss as the Prime Minister, Sarah Coles, senior personal finance analyst, Hargreaves Lansdown said: “The smoke and mirrors of campaigning have been packed away, so after a summer of hints and pledges, soon we’ll finally discover whether the new Prime Minister will deliver the radical solutions that this profound energy crisis requires.

“So far, during the endless rounds of hustings, articles and interviews, we’ve discovered a handful of personal finance changes that are on the cards, and a handful more which have technically been ruled out. 

“Truss is putting an awful lot of faith in tax cuts to ease the pain of rising prices and then kick-start economic growth. Of course, we’ll have to see whether all that sticks when the rubber hits the road.

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“But with price rises of this scale hitting across the board, and propelling us into the biggest two-year drop in real incomes in a century, the government can’t afford to fall short when considering possible solutions.”

In regards to energy bill support, Hargreaves Lansdown does not expect the new Prime Minister to offer a lump sum payment or “handout” to those who are struggling to pay their bills. 

The financial services firm also does not expect Ms Truss to put a windfall tax on energy companies. 

Hargreaves Lansdown said: “This was confirmed early in the summer because Truss wants to see companies invest in the transition to green energy. 

“However, it will be interesting to see whether this view will withstand the incredible pressure of the next few months, or whether the need to fund more support leads to a change of heart.”

Dan Boardman-Weston, CEO and chief investment Officer at BRI Wealth Management stated that Ms Truss’ “first and foremost” task must be the energy crisis. 

Mr Boardman-Weston said: “Without support from the government, countless perfectly viable businesses will be destroyed whilst energy prices remain high. There will be no honeymoon period for Truss and her premiership will be made or broken by her action over the next few months. The country needs decisive action and greater certainty. Hopefully, Truss will deliver.”

In her acceptance speech, the new Prime Minister stated that she would “deliver on the energy crisis” and will deal with people’s energy bills.

She also pledged to deal with the “long-term issue” that the UK has on energy supply.

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