Truss set to unveil ‘precise details’ of her £150 billion energy plan

Truss ‘intends to bring forward fiscal statement’ says expert

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The Prime Minister is expected to outline how the Conservative’s emergency package of support for the cost of living crisis will impact the nation. Liz Truss will have just two days, between September 20 and September 22 to unveil her fiscal statement, set to explain her plans to deliver on tax cuts and other economic pledges. The narrow window for a parliamentary sitting is the product of an extended mourning period for the Queen, immediately followed by a three-week conference recess period which will see MPs head north until mid-October. The Times Red Box editor Patrick Maguire reported: “It will be right back to business after the funeral.”

Speaking on Times Radio, Mr Maguire said: “Liz Truss still intends to bring forward her fiscal statement.

“This is the package of tax cuts and spending pledges and the precise details of that £150 billion cost of living package.

“She still intends to do that before the end of the month.”

Ms Truss announced her government would introduce a £150 billion package to ease cost of living pressures last Thursday.

Later the same day, Buckingham Palace made the public announcement that the Queen had died, forcing the parliamentary schedule to face disruption as the nation grieves.

Mr Maguire continued: “In this ten-day mourning period, this extended period without a parliamentary sitting, issues are piling up.

“MPs will only have a very narrow window between the 20th September, when MPs return, and the 22nd which is when they rise again for an extended conference recess – a three-week period where Labour are in Liverpool and the Conservatives are in Manchester.

“We don’t think they’re going to cancel those conferences and they’re not due to come back until the 17th.” 

He added: “If Liz Truss means what she says, that she is going to bring forward that fiscal statement and tell us what she intends to do with the cost of living and how, she has two days to do so.”

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MPs have only just returned to Parliament after the six week summer recess, during which the leadership contest took place.

Political affairs in the UK have remained largely paralysed since the death of the Queen was announced, with Parliament not sitting during the mourning period which extends until  September 19.

Having been back in Westminster for less than two weeks, the Government is again set to enter an extended recess period to allow for party conferences to take place around the country. 

The new Prime Minister will be under pressure to announce the fiscal details before the conference recess, especially after public frustrations grew over a perception of Government inaction during the summer months.

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The Government is expected to confirm plans to reverse the national insurance hike, as Ms Truss pledged in her leadership campaign.

Predominantly, the fiscal statement is expected to focus on the £150 billion energy package, which will cap typical household energy bills at an annual cost of £2,500 for the next two years.

Ms Truss has also highlighted a scheme to boost new oil and gas licensing in the North Sea in order to strengthen the domestic energy industry.

The statement is expected to provide further information on the promised tax cuts and how this will align with the drastic energy intervention scheme, set to be afforded through increases in borrowing.

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