On Thursday, new UK Prime Minister Theresa May will announce her government’s plan for tackling rising household bills.

Households could see their average annual electricity bill fall by up to £1,000 under new proposals for a cap on energy prices.

It is not clear how long the support will be available, but the British Treasury expects the country to borrow at least 100 billion pounds to pay for it.

Gas and electric bills for most households will increase by approximately £2,000 per year starting in October.

Without help from experts and charities, lives may be at risk this winter if families cannot pay for their heating bills.

As a result of rising wholesale gas prices, consumers’ bills have increased sharply. These increases were mainly caused by the ongoing war in Ukraine, which has disrupted supply from Russia.

Ahead of the announcement by Chancellor Philip Hammond, Theresa May said she was aware that families and companies were concerned about "how they are likely to make ends meet this Autumn and into next year."

Putin’s war in Ukraine and his weaponizations of gas supplies in Europe are causing global energy costs to go up – and this has only made clear that we need to improve our long term energy security and ensure reliable supplies.

She promised to "take action to address the root causes of these problems, so they don't happen again."

To prevent energy companies from raising their prices too high, the government plans to compensate them for the difference between the cost of gas and power they buy at wholesale and the cost they can charge consumers.

What effect has the rise in prices had on you? Have you got any questions for our experts about this? Contact us.

With the huge support packages provided for free by the government, customers won't be asked to pay back any of their debts.