The first step taken by Liz Truss as the new prime minister of the UK is to limit the increase in energy bills to reduce the burden of the people from the deepening price pressure.
On Thursday, Liz Truss will unveil the plan which is expected to cost up to £100 billion, where the average household's energy bill could be capped at around £2,500 a year.
For now, the typical household's annual gas and electricity bill is forecast to rise to £3,549 from £1,971 in October.
A surge in government borrowing to finance the support package as well as Truss' promise to cut taxes rattled financial markets, which saw the pound plunge to its lowest level since 1985 on Wednesday.
According to Deutsche Bank, Truss' promised energy price boost and tax cuts could cost up to £179 billion, or about half of what the UK spent during the Covid-19 pandemic.
Meanwhile, experts and charities have warned that without help with high energy bills, lives will be at risk this winter as many struggle to pay basic daily living costs.