Liz Truss set to outline her energy crisis plan today amid hints she could freeze bills

The incoming leader is set to unveil her 'bold' energy crisis plan as she takes over as PM. Credit: PA

Liz Truss is preparing to roll out an emergency support package to deal with the energy crisis as she takes the helm in Downing Street.

Reports claim the incoming prime minister plans to freeze energy bills, as households and businesses up and down the country are pushed to the brink by the soaring cost of living.

Following her victory over Rishi Sunak, the new party leader will fly to Balmoral on Tuesday where she will be formally invited by the Queen to form a government.

She will then return to Westminster, where she is expected to address the nation for the first time as prime minister before getting down to the business of appointing her ministerial team.

Her new chancellor, widely tipped to be Kwasi Kwarteng, will have the task of delivering on her promised “bold” plan to deal with skyrocketing energy bills.

The Telegraph reported that among the measures under consideration was a scheme – costing £130 billion – to freeze bills until the next general election in 2024.

As the markets opened on Tuesday morning, the pound climbed in value from what had been the GBP's lowest point in the past two years amid reports energy bills could be frozen.

Under the plans, the Ofgem price cap will be sidelined and a new unit price that households will pay, likely at or below the current price cap of £1,971, will be set by the Government.

Details could officially be set out as early as Thursday as the new administration seeks to reassure worried voters following a summer of political paralysis.

Ms Truss is due to deliver a speech at 4pm Tuesday (6 September).

The weather could result in Ms Truss addressing the nation for the first time as prime minister on Tuesday afternoon inside No 10 rather than outside the Downing Street door, as is tradition.

Mr Johnson addressed the pressure on his replacement to intervene over energy in his final speech to the nation outside Downing Street on Tuesday morning.

He used his address to trumpet the party's record under his leadership in working to bolster energy security, and blamed the soaring costs on Russian President Vladimir Putin's invasion of Ukraine.

Chancellor Kwasi Kwarteng will set out his plans in the Commons on Friday Credit: Dominic Lipinski/PA

Mr Johnson has in recent weeks faced criticism for handing the baton to his replacement to come up with a plan to tackle the fallout when the energy cap lifts in October - forcing bills to soar by at least 80%.

Mr Johnson said on Tuesday: "We are, of course, providing the short and the long-term solutions for our energy needs, and not just using more of our own domestic hydrocarbons, but going up by 2030 to 50 gigawatts of wind power.

"That is half of this country’s energy and electricity needs from offshore wind alone, a new nuclear reactor every year.”

Boris Johnson hailed a US free trade deal as a huge benefit of Brexit. Credit: Stefan Rousseau/PA

He praised his government for getting “this economy moving again from July last year despite all the opposition”, saying it meant that “we have and will continue to have that economic strength to give people the cash they need to get through this energy crisis that has been caused by Putin’s vicious war”.Mr Johnson also said: “I know that Liz Truss and this compassionate Conservative government will do everything we can to get people through this crisis and this country will endure it.

“And if Putin thinks that he can succeed by blackmailing or bullying the British people, then he is utterly deluded.”

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