John Redwood says cutting taxes will 'stave off' a recession

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Britons are holding their breath for extra support from the next Prime Minister – most likely to be frontrunner Liz Truss – as tens of millions could fall into fuel poverty. The Ofgem energy regulator will raise the energy price cap, meant to protect energy consumers from excessively high prices, to about £3,500 per year from October 1. A Ukrainian MP laid out a plan for the next Prime Minister to save £500billion and deal another blow to Vladimir Putin’s Kremlin.

Speaking to GB News, Ukrainian MP Kira Rudik said the button the West should be “pushing on right now is to use frozen Russian assets to cover the energy crisis and the support that has been given to Ukraine.

“It’s been $500billion right now in the UK off the confiscated Russian assets.

“So, we need to unfreeze those and use that money.

“There’s no time to wait.”

“There is an ability right now to make this crisis less hard on people, both in the United Kingdom and in Ukraine,” MP Rudik said.

In one of her latest moves as Foreign Secretary, Liz Truss froze assets on two oligarchs’ assets estimate to total up to £10 billion.

“This will prevent these assets from being repatriated to Russia and used to fund Putin’s war machine,” then Foreign Secretary Liz Truss said.

Now frontrunner in the leadership race to become the next Prime Minister, Liz Truss has been under mounting pressure to come up with an energy plan.

Boris Johnson’s Government has already released details of £400 in energy bill discounts for all households from October 1.

The support will be issued in six installments over six months to some 29 million households. In practice, households will see their energy bills discounted by £66 in October and November, and £67 a month from December to March 2023.

The first handout will coincide with Ofgem raising the energy price cap to £3,549 a year, up from the current £1,971 price cap.

According to estimates from the End Fuel Poverty Coalition (EFPC), about 10.5 million households will fall into fuel poverty for the first three months of the next year.

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With the October cap level, poorer households will see their incomes “wiped out”, the Joseph Rowntree Foundation (JRF) said. Energy bills for low-income adults will exceed 120 percent of their income in 2023 and 2024, the foundation warned.

Frontrunner Liz Truss, who is expected to become the next Prime Minister, will have to grapple with the imminent crisis.

In an interview with BBC’s Laura Kuenssberg on Sunday, Ms Truss pledged to make an announcement on how her Government will deal with rising energy bills “within one week” if named Prime Minister.

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