A cap on wholesale gas costs to freeze energy bills at their current level is being finalised by the government as it moves to shield households and businesses from soaring prices.
The action is set to be the first major policy initiative of the Liz Truss premiership as she takes over from Boris Johnson.
Following months of criticism over a lack of additional help to manage the effects of energy-led inflation – currently at a 40-year high – details of the plan, described by a source as “shock and awe”, to tackle the cost of living are expected to be revealed on Thursday.
