Ofgem confirms that millions face near £700 rise in energy bills – and interest rates also rising

Ofgem has confirmed that home energy bills will rise by £693 from April, with the Government stepping in to help homeowners with some of the burden.

A huge rise in wholesale prices has led to the regulator hiking the energy price cap by 54 per cent to a record £1,971 for a typical home.

For customers with prepayment meters the price cap will go up by £708 to £2,017.