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New British PM Liz Truss announces a cap on energy bills to combat cost-of-living crisis

CNBC · Hannah Ward-Glenton · last updated

LONDON — U.K. Prime Minister Liz Truss on Thursday announced a broad stimulus package to help Brits with soaring energy bills and attract investment into the energy sector. The cap will be in place from Oct. 1.

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Related Knowledge Center: Energy security and pricing

State of Play

The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.

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