Households all across the UK are bracing for their energy bills to skyrocket in October among predictions that they could reach as high as £5,300.
Regulator Ofgem will soon announce the energy price cap, adding a new wave of financial pressure on households already struggling with the cost of living crisis sweeping the UK. It comes after the wholesale market price of gas and electricity has been steadily increasing, in most part due to Russia's invasion of Ukraine.
In response to the rising energy prices, Tory leadership candidate Rishi Sunak pledged to save all households around £200 by cutting VAT. However, vulnerable households are still likely to struggle with paying their energy bills regardless.
