Rishi Sunak will reportedly be meeting with Prime Minister Boris Johnson today to “sign off” on a “multibillion-pound” plan to tackle the UK’s ongoing cost-of-living crisis.

The new government plan will be unveiled on Thursday, the day after Sue Gray’s partygate report will be published.

Government sources said no decision are set in stone yet and the timing of the announcement is yet to be confirmed.

News of the new government plans came on the same day Ofgem chief executive Jonathan Brearley told MPs the regulator is expecting the energy price cap to increase by a further £830 to £2,800 in October.

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What will Rishi Sunak announce as part of cost-of-living relief package?

Reports have stated a new windfall tax on energy firms would be used to help those who are struggling – an option previously suggested by Labour and some senior Tories.

The Times said other measures which could be introduced include increases in the warm homes discount, winter fuel allowance and a cut in council tax, while a VAT cut is said to be being mooted.

Last week, Mr Sunak gave a speech at the CBI annual dinner, where he said there is a “collective responsibility to help the most vulnerable in our society”.

A Government spokesperson said: "We understand that people are struggling with rising prices, and while we can't shield everyone from the global challenges we face, we're supporting British families to navigate the months ahead with a £22 billion package of support.

"That includes saving the typical employee over £330 a year through a tax cut in July, allowing people on Universal Credit to keep more of the money they earn - benefiting over a million families by around £1,000 a year, and providing millions of households with up to £350 each to help with rising energy bills."

The spokesperson added: "The Chancellor has been clear that as the situation evolves, our response will evolve - and we stand ready to do more."