The government would need to spend more than £110bn to cover almost all of Britons’ extra energy costs over the next year, a new report by Institute for Government (IfG) has found.
It would cost £23bn to cover October’s energy price cap hike, according to the think tank – with the average household set to spend £900 more on energy this autumn than was expected only three months ago.
Extending support to ease the pain of soaring bills next year would cost another £90bn, the IfG said, raising the prospect of “substantial” spending during the cost of living crisis.
