For millions of households across the country, today’s dreaded price cap announcement has confirmed their worst fears.
The average household bill will soar to a record £3,549 a year at the start of October when the energy price cap hike kicks in. This is an 80 per cent rise on the current cap of £1,971 and means the typical energy bill will be over £2,000 higher than the same time last year.
This astronomical rise is “a full-blown economic crisis for thousands of families,” Save the Children said today. It is forecast to leave over 50 per cent of the UK in fuel poverty this winter, defined as spending over 10 per cent of income on energy.