The UK Government will hold a “fiscal event” later this month where it will outline the cost of a package of measures to freeze utility bills over the next two years, according to a written ministerial statement.

The government announced on Thursday that average household bills would be held at around £ 2,500 ($2,881) per year for two years from October 1, preventing the expected 80% jump expected in October.

“The Finance minister will set out the expected costs as part of the budget statement later this month,” Jacob Rees-Mogg, Britain’s new trade minister, said in the statement.