Rishi Sunak to host major Downing Street press conference TODAY amid energy bill price hikes

RISHI Sunak will hold a press conference TODAY with a major announcement to shield Brits from crippling heating bill rises.

The Chancellor will make a telly address from Downing Street hours after the regulator is expected to lift the energy price cap and send costs soaring.

He is expected to unveil financial support for struggling families bracing for a devastating squeeze in April.

One idea being considered by the Treasury is an energy bills rebate for hard-up Brits.

Ofgem is poised to raise the price cap from £1,277 to £2,000 to stop more suppliers going bust amid rocketing global gas costs.

The regulator will reveal their final decision today at around 11am.

The energy price cap limits how much suppliers can charge for default tariffs to protect customers from sky-high bills.

It is based on the price of wholesale energy and supplier costs which have soared in recent months - meaning consumers are facing huge gas and electricity fees.

When the price cap was last reviewed in October 2021 it protected 11million households — but that number has now doubled to 22million.

In April, Brits will also be hit with gut-buster National Insurance hikes while one million taxpayers will be dragged into the higher bracket.

Consumers will be hit with a double whammy of price rises today as interest rates are also set to be hiked.

The Bank of England is expected to announce a rate rise today, which would increase interest rates on mortgages for homeowners.

Higher council tax bills are also planned for 2022, costing Brits hundreds of pounds extra a year.

And soaring inflation rates - heading towards 6 per cent - are a further sting in the tail.