A somber step forward. Prince Charles is now king of the United Kingdom after the death of his mother, Queen Elizabeth II, at age 96 on Thursday, September 8.
26.08.2022 - 10:19 / manchestereveningnews.co.uk
The boss of Ofgem has urged the next prime minister to do more to help the country deal with the impact of October's energy price cap rise.
It was revealed by the industry regulator on Friday (August 26) that the energy price cap will see average household bills soar by more than 80 per cent to £3,549 annually. Around 24 million households in England, Scotland and Wales on default energy tariffs will be affected by the change.
The price cap, which determines the maximum amount of money energy suppliers can charge consumers for energy, will come into full effect on October 1 and will remain in place until December 31 when Ofgem will adjust the amount once again. Now many are warning that the change to the price cap will impact a vast number of households across the country.
Read more: Energy price cap will rise to £3,549 in October, Ofgem announces
Jonathan Brearley, Ofgem CEO, said the Government would need to add to the support it announced in May when bills were only expected to jump to £2,800.
“The Government support package is delivering help right now, but it’s clear the new prime minister will need to act further to tackle the impact of the price rises that are coming in October and next year,” Mr Brearley said. We are working with ministers, consumer groups and industry on a set of options for the incoming prime minister that will require urgent action.
“The response will need to match the scale of the crisis we have before us. With the right support in place and with regulator, government, industry and consumers working together, we can find a way through this.”
Liberal Democrat leader Sir Ed Davey said that increased energy price cap is “nothing short of a catastrophe” for struggling households. “The only
A somber step forward. Prince Charles is now king of the United Kingdom after the death of his mother, Queen Elizabeth II, at age 96 on Thursday, September 8.
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Millions of households across Scotland and the rest of the UK are preparing for a shift in seasons which will force everyone to tighten their spending and put an even tighter squeeze on budgets as energy bills are set to rocket by more than 80 per cent from £1,971 to £3,549. Ofgem announced the new energy price cap on August 26 and it will come into force on October 1.
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Martin Lewis has made an urgent plea to the government and future prime minister as households prepare to brace for the increased energy price cap in winter.
Household face paying an estimated £3,549 per year from October for average use of gas and electricity - equating to a devastating 80 per cent rise in energy bills in a move that will deepen the soaring cost of living crisis even further for millions of people.
Ofgem announced on Friday (August 26) that the energy price cap will rise to £3,539, resulting in an 80 per cent rise in bill costs.
Regulator Ofgem today announced that the typical household energy bill will hit £3,549 a year from October 1. This is a huge increase on the current energy cap of £1,971 for the average household.
Martin Lewis has called the new energy price cap "devastating" and has warned that "lives will be lost", as rising costs will put vulnerable people at risk.
Households are set to find out later today how much they will be paying for their energy bills in October when the price cap is announced.
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