UK Finance Minister Nadhim Zahawi said on Friday that “I am working flat out to develop options for further support on energy bills.”

"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,” he added.

His comments come after the British energy regulator, Ofgem, announced average annual household energy bills will rise by 80% from October to 3,549 pounds.

Meanwhile, the Chief Executive of Ofgem Jonathan Brearley said that the new prime minister will need to act urgently to address the issue of soaring energy prices.

Market reaction

GBP/USD has come under renewed selling pressure after Ofgem’s statement, currently trading at 1.1793, down 0.29% on the day.