Energy bills to rise as Ofgem brings forward price cap announcement

Soaring energy prices have sent shockwaves through the British economy, leading to rising inflation and a cost-of-living crisis. Photograph: Xinhua/Rex/Shutterstock

Ofgem has announced it will reveal the full scale of the energy price cap hike earlier than expected, as it emerged that the government may introduce a measure to slash £200 from household energy bills in order to soften the blow.

The energy regulator will announce at 11am on Thursday what is expected to be the steepest ever increase in household bills, amid growing speculation that the Treasury is considering a multibillion-pound move to protect households from the full brunt of the increase.