AgenciesOn Friday morning, government regulator Ofgem declared that £3,549 per year has been fixed as the energy price cap in the UK, which is a sharp rise.
After the announcement of this new price cap by the UK energy regulator, Ofgem, millions of UK households bolstered themselves for the evident worsening of the cost-of-living crisis.
According to experts, the price hike will soar in the future, and they have warned that by next April the price may peak at £6823.
Many UK households are expected to fall into fuel poverty this winter as energy prices continue to rise. And because of that, the government is increasingly being asked to help households through the crisis by introducing further support.
After the conclusion of the Tory leadership conference in September, the next prime minister has to tackle this crucial issue of rising energy bills.
Reactions to the sharp rise in energy caps announced by Ofgem today:
Martin Lewis has posted a breakdown of the energy cap on Twitter, indicating how the price of gas and electricity will increase following this rise. He indicated an 80 per cent increase in both charges, which is just average and may vary per region.
The steep rise in energy caps has been called a 'hammer blow' to UK households by Rethink Mental Illness. The associate director for policy and practice, Alexa Knight, said, "Mental health and money worries are intrinsically linked" and that a clear government response is urgently required as the energy cap rise could fuel a mental health emergency in the UK.
Liz Truss, the now Foreign Secretary and PM candidate, has said that help is 'on its way' while acknowledging the 'clear' strain.
She insisted that Britain would 'get through these tough times' and vowed 'decisive action' but didn’t commit to extra payments.
After announcing the 80 per cent energy cap hike, the chief executive of Ofgem, Jonathan Brearley, said that the next PM 'will need to act further''.
After the announcement of this new price cap by the UK energy regulator, Ofgem, millions of UK households bolstered themselves for the evident worsening of the cost-of-living crisis.
According to experts, the price hike will soar in the future, and they have warned that by next April the price may peak at £6823.
Many UK households are expected to fall into fuel poverty this winter as energy prices continue to rise. And because of that, the government is increasingly being asked to help households through the crisis by introducing further support.
After the conclusion of the Tory leadership conference in September, the next prime minister has to tackle this crucial issue of rising energy bills.
Reactions to the sharp rise in energy caps announced by Ofgem today:
Martin Lewis has posted a breakdown of the energy cap on Twitter, indicating how the price of gas and electricity will increase following this rise. He indicated an 80 per cent increase in both charges, which is just average and may vary per region.
The steep rise in energy caps has been called a 'hammer blow' to UK households by Rethink Mental Illness. The associate director for policy and practice, Alexa Knight, said, "Mental health and money worries are intrinsically linked" and that a clear government response is urgently required as the energy cap rise could fuel a mental health emergency in the UK.
Liz Truss, the now Foreign Secretary and PM candidate, has said that help is 'on its way' while acknowledging the 'clear' strain.
She insisted that Britain would 'get through these tough times' and vowed 'decisive action' but didn’t commit to extra payments.
After announcing the 80 per cent energy cap hike, the chief executive of Ofgem, Jonathan Brearley, said that the next PM 'will need to act further''.
Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
Experience Your Economic Times Newspaper, The Digital Way!
Read More News on
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
