Energy price cap

New 'energy price guarantee' will see government pay energy suppliers tens of billions of pounds.

It will be for individuals and businesses to decide. The PM also believes it will deliver a boost to growth and thereby drive increased tax receipts. She set out the ambition of making the UK a net energy exporter by 2040. He added: “The prime minister is opposed to windfall taxes. And there were signs of concern on Tory benches over Ms Truss’s rejection of a windfall tax. “That would undermine the national interest by undermining the very investment we need to secure home-grown energy supplies." Experts have estimated a price tag of as much as £150bn, but Whitehall insiders believe this is way too high and hope the final bill will come in below £100bn. This would be a terrible deal for the British people, a terrible deal for billpayers.” Carl Emmerson, deputy director of the respected Institute for Fiscal Studies (IFS), has said Liz Truss’s two-year energy support plan could cost more that £100bn in the first year alone. Under the new scheme, the government will intervene to keep down wholesale prices. “Under our plan not a penny more on bills, under this plan a price rise,” said Sir Keir. But savings could fall in the second year, as the one-off payment of £400 announced earlier this year by Rishi Sunak has not been extended.