The bank believes that the domestic energy price cap will reach £3,500 per household in October, prompting inflation to peak at 13.3% in the fourth quarter of this year and remain above 10% until the middle of next year. It's forecast to fall back marginally to 9.5% in the third qu...
In early August, the UK's energy regulator Ofgem confirmed the energy price cap will be updated quarterly rather than every six months, warning that "customers face a very challenging winter ahead."Peter Smith, director of policy and advocacy at charity National Energy Action, said Ofgem's quar...
The latest forecasts suggest the U.K.'s energy price cap could rise to £4,266 ($5,170) annually early next year from its current £1,971, with many households already choosing between heating and eating. The cap is expected to rise to more than £3,000 in October following the ...
Headline price rises hit a three-and-a-half year low of 1.7% in September, but was expected to tick higher in the following months, partly due to an increase in the regulator-set energy price cap this winter. "This upwards trajectory looks set to continue over the next few months," Joe...
Hunt confirms that the government's energy price cap for a typical household will rise from April to £3,000 annually from its current level of £2,500, and will run for a further 12 months. Hunt vows to push ahead with Northern Powerhouse rail an...
The energy crisis: Nothing good to say Martin Lewis, the founder of MoneySavingExpert, has advocated for consumer rights for years and has been in talks with the Office of Gas and Electricity Markets, or Ofgem, concerning the price cap and household struggles. Lewis apologized earlier this ...
New prime minister Liz Truss is set to announce this Thursday a plan to freeze the energy price cap at around £2,500, funded through extra borrowing, general taxation or a combination of the two. Higher gilt yields will raise the cost of Truss’s plan by making it more expensive for ...
Annual energy bills for the average household paying by direct debit have already risen by a record 54% so far this year. Bills had been capped at 1,971 pounds ($2,320) a year, compared with about 1,200 pounds last winter. Under the revised price cap announced Friday, average household...
It comes as energy regulator Ofgem announced that the price capwill rise from £1,971 to£3,549- significantly more than previously forecast. The rise, which will take effect from 1 October, is likely to pile even more pressure on the leadership contenders to do more to...
These costs will be particularly high due to the significant difference between how much special administrators and alternative suppliers can charge households under Britain’s energy price cap — currently set at£1,277 per yearper average household — and the cost of buying the energy required ...