New Prime Minister Liz Truss will outline her plans to tackle rising energy bills in a statement today ( Thursday, September 8).
Ms Truss confirmed in her first Prime Minister's Questions on Wednesday that the update would help "businesses and people with the immediate price crisis."
The new premier has been said to be considering freezing domestic bills along with a national insurance cut.
Ahead of the announcement, Ms Truss has blamed the soaring global prices on Russian president Vladimir Putin’s war in Ukraine and the “weaponisation” of gas supply in Europe.
She said: "We will take action immediately to help people and businesses with bills but also take decisive action to tackle the root cause of these problems, so that we are not in this position again.
“We will set out our plans to deliver on that promise and build a prosperous Britain for everyone.”
Energy bills are expected to be frozen at around £2,500 as part of the government's plans to ease the impact of the rising cost of living.
It is believed that the package will be funded through borrowing.
Ms Truss rejected the idea of applying a windfall tax on the bumper profits made by oil and gas companies to cover the cost which is reported to be up to £150 billion.
What time is Liz Truss' energy update?
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The new PM is expected to set out her “bold plan of action to support people across the UK” today while also “ramping up domestic energy supply”, Downing Street has said.
The announcement will take place on Thursday, September 8 but a precise time has still not been confirmed.
Sky News has reported that the speech is expected at "around 11.30 am" but timings are dependent on other House of Commons business taking place today.
According to the parliamentary schedule, the announcement is likely to be held during a UK energy cost debate as opposed to an official statement.
The debate is expected after business questions to the leader of the house are held.
However, the start time could be pushed back to the early afternoon depending on any delays to the parliamentary business.
How to watch Liz Truss energy update
Viewers will be able to watch Liz Truss's speech via Parliament TV with updates on the House of Commons' social media.
The announcement will also be available to watch on major news channels including BBC News and Sky News on TV.
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