Cost of living crisis: Liz Truss announces energy bills to be capped at £2,500 until 2024

Liz Truss has announced that a typical household will pay no more than £2,500 a year in energy bills until October of 2024.

The new prime minister’s plan will see the existing “energy price cap” replaced with an “energy price guarantee,” where the government will pay energy suppliers to cover the gap between the guaranteed rate and the rising market price.

“It will give people certainty on energy bills. It will curve inflation, and boost growth,” Ms Truss said.

Ms Truss also confirmed a “temporary suspension” of the £150 green levy on bills.

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