The Chancellor Nadhim Zahawi has blamed Putin's Ukraine invasion for a confirmed energy price cap hike that will see more households plunged into poverty this winter.
Ofgem announced on Friday the energy price cap will increase from the current £1,971 to £3,549 from October 1. The energy regulator currently updates its price cap twice a year - in April and October. But now, the regulators will review the cap every January, April, July and October.
Ofgem says the idea of reviewing its price cap more often is so energy companies can provide more accurate pricing for customers. It means millions of households who are on a standard variable tariff will see more frequent changes to their energy bills.
