Her promise comes as Ofgem, the energy regulator, prepares to announce a sharp rise in the energy price cap, which dictates bills for the vast majority of Britain’s households, from £1,971 to around £3,600 on Friday. Analysts predict a further rise in January to more than £4,200 and another jump next April, posing a serious threat to household finances. The foreign secretary’s intervention in Sunday’s Sun newspaper is the latest change in her position since early August, when she told the Financial Times she did not believe in “handouts”. Kwasi Kwarteng, the business secretary – who is tipped to be chancellor in a Tras-led government – also signaled at the weekend that “further help is coming” to tackle the energy crisis. A spokesman for Rishi Sunak, Truss’s rival for the next Conservative leader and prime minister, said the former chancellor would “consider all options” to help companies tackle energy bills if he became prime minister – with small businesses likely to to be the focus of support. Sunak’s team questioned how the Truss would simultaneously deliver help to tackle the energy crisis while delivering £50bn of unfunded tax cuts. “To do so would mean increasing borrowing to historic and dangerous levels, putting public finances at serious risk,” the spokesman said. Leadership candidate Rishi Sunak focuses on helping small businesses © Anthony Devlin/Bloomberg Chancellor Nadhim Zahawi asked officials to explore ways to provide state aid to companies facing a potentially permanent increase in energy bills. The Treasury will present a range of options to the new prime minister when he or she enters Downing Street on September 5. One idea being considered by officials is revamping Covid-19 loan programs to help companies survive the looming rise in energy prices. Others include grants to small companies, holidays with business rates and temporary VAT exemptions. “It’s all speculation, but Nadhim Zahawi has asked for all options on the table,” an official said. “He hasn’t gotten any real advice on it yet, but he thinks it’s something worth exploring.” Craig Beaumont, head of external affairs at the Federation of Small Businesses, expressed relief that the Treasury is considering a support package for companies as “so far it has been all about households”. He said that using existing mechanisms was the right approach to get help to businesses immediately. The price cap only applies to domestic accounts and the FSB would like a similar arrangement for companies with 10 employees or fewer. Sir Keir Starmer, the Labor leader, has increased pressure on the Conservatives by announcing he will freeze domestic energy bills for six months from October at a cost of around £60bn if he is in power. Outgoing Prime Minister Boris Johnson’s government announced a £15bn support package in May to help households with rising bills, including a £400 universal payment. But as energy prices continue to rise, there is growing pressure on Johnson’s successor to go much further – and to expand both the size and scope of the bailout. Truss has already announced plans to scrap the planned rise in corporation tax and National Insurance and remove green levies from energy bills.

He has promised an emergency budget, if he wins, that will explore ways “to make sure life is affordable for people”, adding that companies could expect help with bills. “I’m very, very aware that it’s not just customers or consumers that have energy price issues, it’s small businesses as well.” FSB research has found that one in seven small businesses expect to downsize or close over the next year due to rising inflation, fueled by energy prices. Energy consultancy Cornwall Insight has warned that some companies face a five-fold increase in their energy bills in October, when a significant proportion of fixed-price corporate deals traditionally expire.