LONDON: Sterling lifted on Tuesday as media reports offered new details on how incoming Prime Minister Liz Truss is planning to tackle Britain’s growing energy crisis.

Household bills are due to jump by 80% in October, but a source familiar with the situation has told Reuters that Truss is looking at freezing bills this winter, in a plan that could cost more than the COVID-19 furlough scheme.

After winning a leadership race to take over from Boris Johnson, Truss must now tackle an economy heading for recession, soaring prices on fuel and consumer goods, and a currency that is among the world’s worst performing this year.