Chancellor Nadhim Zahawi has admitted that the soaring energy price cap will cause “stress and anxiety for many people” – but added that “help is coming” from the government.

This morning, energy regulator Ofgem announced the price cap for an average household will rise to £3,549 a year in October, £800 more than the forecast figure that was provided to then chancellor Rishi Sunak in May.

Bills set to soar after price cap announcement – live updates

Amid rising calls for the government to act to relieve the burden on households, Mr Zahawi said he is “working flat out” to develop more options to support people – but doubled down on his remarks that it would be for the next prime minister to decide what support to deliver.

Either Liz Truss or Rishi Sunak will take up the role on 5 September.

“I know the energy price cap announcement this morning will cause stress and anxiety for many people, but help is coming with £400 off energy bills for all, the second instalment of a £650 payment for vulnerable households, and £300 for all pensioners,” the chancellor said in a statement.

“While Putin is driving up energy prices in revenge for our support of Ukraine’s brave struggle for freedom, I am working flat out to develop options for further support.

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“This will mean the incoming prime minister can hit the ground running and deliver support to those who need it most, as soon as possible.”

Labour’s shadow chancellor Rachel Reeves said the announcement “will strike fear” into families and pensioners and urged the government to back her party’s proposal to freeze energy bills for the winter.

Ms Reeves told Sky News she is “confident” that the numbers behind Labour’s “simple” policy “stack up”, adding: “But most of all, I am very confident that the package of measures that we’ve announced will make a real difference to families and pensioners who are worried sick about what is going to happen to them.”

She added that it is a “dereliction of duty” for no government minister to have been made available to speak on the broadcast round this morning.

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