economy
Energy bills to rise to highest level in three years for millions of households
ENERGY bills will rise by 4% to their highest level in three years in a fresh blow for millions of households this winter.
TL;DR
- The energy price cap will rise by 4% to £1,723 per year from October 1.
- This increase is attributed to high international gas prices driven by the conflict in the Middle East.
- Energy bills are forecast to rise by another 9% in January, potentially reaching £1,872.
- The government has cut VAT on electricity bills to help offset rising costs.
- Switching to a fixed tariff or exploring smart meter tariffs can help households save money.
- Energy-efficient practices and government schemes like the Warm Home Discount can also reduce bills.