Outgoing Prime Minister Boris Johnson visited Ukraine yesterday in what will be one of his last official engagements in office. He called upon the UK and the rest of Europe to endure the current energy emergency to defeat Russian leader Vladimir Putin, who is using his country’s gas reserves as a weapon of war.

The man who is tipped to be the new Chancellor of the Exchequer should Liz Truss win the Conservative Party leadership contest, current Business Secretary Kwasi Karteng, has been holding talks with energy sector bosses to find a solution to the rising cost of energy, in particular the wholesale price of gas.

One solution that has been suggested has been a freeze being placed on the energy cap for two years. The plan which has been put forward by the CEO of Scottish Power would cost up to £100 billion over the twenty-four-month period.

The plan involves government guarantees for loans that would enable energy companies to borrow from commercial lenders at competitive rates to buy gas from suppliers at the historically inflated cost without having to pass on the cost to consumers.

The so-called deficit fund would help both the cost-of-living crisis and the continued rise in inflation that was tipped to reach 18% earlier this week.