economy
'There is worse to come,' Brits are warned as energy bills set to hit 3-yr high
ENERGY bills will hit a three-year high this autumn with households warned: “There is worse to come.”
TL;DR
- Energy bills will hit a three-year high this autumn due to a four percent increase in the Ofgem price cap.
- A typical household will see their annual bill rise by £60 to £1,723.
- Analysts predict a further nine percent increase in January, raising the typical annual bill to £1,872.
- The Iran conflict has caused wholesale gas prices to soar, contributing to the rising energy costs.
- European gas stocks remain low, offering little prospect of relief this winter.
- Prime Minister Andy Burnham stated that his decision to axe VAT on electricity from October would provide some help.
- Energy Secretary Miatta Fahnbulleh indicated that renewable subsidies and investment in energy infrastructure contribute to costs, though she later stated Net Zero is not adding to bills.