Truss appoints new cabinet to 'ride out the storm'

Businesses do not benefit from any energy price cap.

A short time ago, the FTSE 100 was down 1.1 per cent, after rising slightly on Truss’s appointment. 

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The “relief rally” in London, that hopes the balm will be applied to the scorching energy bills, is set to dissipate today as reality sets in that the UK population will still be strapped for cash this winter, said senior investment and markets analyst at Hargreaves Lansdown, Susannah Streeter.

“Even if bills are capped at £2,500 as expected by the government, gas and electricity costs will still be sky-high compared to last winter, which will still dent discretionary spending. 

“Pulling millions of consumers out of the more dangerous territory of a serious debt spiral should limit the extent of the oncoming recession, and a significant march higher of the headline inflation rate,” she said.