Even before Chancellor Rishi Sunak's Spring Statement, consumers were aware that the cost of living was on the rise, from petrol to inflation to prices in the supermarket. But despite spring weather, finally, starting to emerge, arguably the biggest impact on people's bank balances this year will be the increase in energy costs.
Consumers have already seen their bills rise considerably over the winter, and April 1 will see further increases as the energy price cap increases by another 54%. The price cap, which is set by industry regulator Ofgem, sets the maximum amount that all UK energy suppliers can charge for each unit of gas and electricity.
Ofgem estimates that an average household will see £693 added to their bills as a direct result of this increase, although this depends on your provider and energy usage.
