A new addition to the Tory party manifesto is the pledge to tackle concerns over rising energy bills by putting in place a safeguard tariff cap for an unspecified number of consumers who are on the poorest value tariffs. The cap will also include bills paid by micro businesses.

“The manifesto wording was vague, as expected, but hints that the impact for the industry may be much less than we feared,” said Deepa Venkateswaran, an analyst at Alliance Bernstein.

Mrs May had promised a hardline, market-wide cap on all standard household energy tariffs but the party line appears to have softened the stance following fierce criticism that the move would stifle competition. The party has promised to maintain the competitive element of the retail energy market by supporting initiatives to make the switching process easier and more reliable.