BORIS Johnson has hinted at cutting VAT on energy bills to save Brits hundreds of pounds.
The Prime Minister said he would not "rule out" cutting tax as families continue to feel the squeeze from the cost-of-living crisis.
Speaking to BBC Radio 4's Today programme on Saturday, Boris Johnson said the Government is doing "a huge amount" to support people "with the fiscal firepower we have".
Asked why he had not yet cut VAT on energy bills, he said: "I don't rule out that we will do it."
He said the Government had "already cut fuel duty by record amounts", but he acknowledged this would be "swallowed up" and added: "There may be more that we have to do."
Pressed on whether the tax will be slashed further he said: "We want to make sure that those cuts are properly passed on to the consumer."
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He said: "I'm very happy to have an argument about tax and I'm saying some of the things that we're already doing.
"But when it comes to energy, and the cost of people's energy bills, tax is not enough.
"You've got to look at the way the whole thing works.
"And at the moment one of the problems is that people are being charged for their electricity prices on the basis of the top marginal gas price, and that is frankly ludicrous.
"We need to get rid of that system.
"We need to reform our energy markets, as they have done in other European countries.
"So that is one of the ways by reforming the market, by changing the way things work, that you can get prices down, you can bear down on costs for people."
It comes as Boris last night dangled tax cuts to frustrated voters and businesses after his double by-election drubbing.
The PM promised only the Tories would cut levies to "turbo charge" the UK and get the cost of living crisis under control.
Fighting to get back on the front foot after losing two by-elections and the shock resignation of his party chairman, he told reporters: "I'm not going to pretend these are brilliant results".
But he vowed: "We are the government that believes in cutting taxes, and we want to get into a situation where sensibly and responsibly we can turbo charge the attractions of the UK as a place to come and invest by having the best possible tax framework as well for businesses and for families."
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He admitted it was the "biggest single expenditure" for millions of Brits, vowing to stare down his critics and get on with the job at hand.
Tories suffered two humiliating by-election losses in Tiverton and Wakefield last night as Lib Dems and Labour stormed to victory.
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