Rishi Sunak will give a major announcement today on how he plans to tackle soaring energy bills - amid reports millions will get a council tax rebate.
Ofgem will today announce how much your energy bills are going up in April while the Bank of England is expected to increase interest rates - which will mean you paying more for your mortgage and other borrowing.
At the same time food prices have seen their steepest increase in a decade and inflation is soaring.
Mr Sunak will announce measures to tackle the rise, first in a House of Commons statement - probably at 11.30am - and then in a 5pm press conference.
Ofgem is expected to announce on Thursday that the energy price cap is to rise by 50% because of soaring wholesale gas prices, meaning the average bill could hit £1,915.
According to the Times, Mr Sunak will commit to giving households in council tax bands A to C rebates funded by Government grants under targeted measures for poorer households.
The Treasury did not rule out the move nor did it deny that the Chancellor could announce state-backed loans to give all homes a discount on their energy bills of £200.
Boris Johnson is under vast pressure to ease the cost-of-living crisis, with his leadership under threat over No 10 parties, but the new support is unlikely to be enough to prevent energy bills rising significantly for most people.
Asked about the new support package, a Government spokeswoman said: “We recognise people are facing pressures with the cost of living, which is why we are providing support worth around £12 billion this financial year and next.
“We will provide an update in due course on further help for households across the UK to meet their energy costs in the face of rising global gas prices.”
