Chancellor Rishi Sunak will be hosting a press conference today to make a major announcement in regard to soaring energy bills.
It comes as Ofgem will also announce how much energy bills will rise across the country in April while the Bank of England will like to increase interest rates so people must pay more on their mortgage and other loans.
Mr Sunak will announce the government's measures to tackle the sky-rocketing energy bills in a House of Commons statement in the morning at around 11.30am with a press conference to follow late afternoon.
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Ofgem is expected to announce a rise in the energy price cap by 50 per cent to follow the increase in wholesale gas prices - potentially upping the average bill to £1,915.
Prime Minister Boris Johnson is also facing mounting pressure to ease the cost-of-living crisis but this is unlikely to prevent most people from being affected by the soar in energy bills.
What time is the press conference?
Following the announcement of tackling measures in the House of Commons at 11.30am, a press conference will be held later in the afternoon.
The press conference is expected to be held at 5pm today and will likely see Mr Sunak announcing rebates for household in council tax bands A to C.
These rebates will be funded by government grants, according to The Times.
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.”
