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Sterling jumped 0.6 percent toward the dollar in early trade on Tuesday as the new British Prime Minister Liz Truss has put many plans to freeze energy bills for U.K. households, in a bid to mitigate the country’s spiralling cost of living crisis, according to Bloomberg’s reports.
The pound stood at $1.158 shortly after 8 a.m. in London, having slid below $1.15 on Monday.
The report overnight showcased that Truss’ plans aim to fix typical household gas and electricity prices at their current level £1,971 ($2,300) per year.
“An 80 percent rise to the country’s energy price cap from Oct. 1, which would take the cap to £3,548 per year,” British energy regulator Ofgem recently announced.
