Truss pledges 'immediate action' on spiralling energy bills as fears grow over cost of living

4 September 2022, 09:13 | Updated: 4 September 2022, 09:17

Liz Truss has vowed to take 'immediate action' as PM
Liz Truss has vowed to take 'immediate action' as PM. Picture: Alamy

By Emma Soteriou

Tory leadership frontrunner Liz Truss has vowed to announce plans to tackle the cost of living crisis within her first week in office.

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Ms Truss said she would take "immediate action" against spiralling energy bills if she becomes Prime Minister on Tuesday.

The Foreign Secretary, who is widely tipped to defeat rival Rishi Sunak, has said she will be capable of making "difficult decisions" to get the country through the crippling crisis.

There have been ever-louder calls in recent weeks for the Government to intervene to support the most vulnerable, with energy bills set to rise to around £3,500 this winter for the average household.

Small businesses have also shared their concerns on social media, with the steep rise in bills forcing many to close their doors for good.

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Writing in the Sunday Telegraph, Ms Truss said she would appoint a council of economic advisers to help guide her and her Chancellor.

She said: "I understand how challenging the cost of living crisis is for everyone. These are tough times and the months ahead will be hard."

She said that she will take "immediate action" to tackle the crisis for families and businesses, while also delivering a "broader plan to get our economy growing, make it more resilient and make it more competitive".

"If elected, I plan within the first week of my new administration to set out our immediate action on energy bills and energy supply," she said.

"A fiscal event would follow later this month from my chancellor, with a broader package of action on the economy.

"We need to take the difficult decisions to ensure we are not in this position every autumn and winter.

"Sticking plasters and kicking the can down the road will not do. I am ready to take the tough decisions to rebuild our economy."

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The energy crisis will also be the focus of Ms Truss' address from Downing Street once she is appointed, the paper reported.

The speech is expected to be "very short", but will confirm that an announcement on energy is on the way, with a "fiscal event" set to take place in the coming weeks.

Throughout the campaign, Ms Truss has pledged to "start cutting taxes from day one" with a new Budget and Spending Review that would reverse April's rise in national insurance and next year's corporation tax increase from 19% to 25%.

Ms Truss added: "I recognise that many of the growth measures we take won't have an immediate impact, but it is vital we get started now and build a better economy for the future and pay down our debt as a country and provide the future for our children.

"There will be tough decisions to be made, and I am prepared to make those tough decisions as Prime Minister."

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