Liz Truss takes 1st Prime Minister's Questions on energy plan, taxing corporations

British Prime Minister Liz Truss said on Wednesday she would set out plans to tackle soaring energy bills on Thursday but would not impose a windfall tax on energy producers, with borrowing instead set to increase to fund the costly intervention.

Truss, appointed prime minister on Tuesday, has vowed immediate action to address one of the most daunting sets of challenges for an incoming leader in post-war history including soaring energy bills, a looming recession and industrial strife.

She chaired a meeting of her new cabinet on Wednesday before making her parliamentary debut as Conservative Party leader, going head-to-head with opposition Labour Party leader Keir Starmer in the high-profile Prime Minister's Questions, and ruling out paying for any new energy package by imposing a windfall tax on big business.

A source familiar with the situation told Reuters that Truss was considering freezing energy bills in a plan that could cost $115.33 billion, surpassing the COVID-19 furlough scheme.

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