The cost of living crisis is having a huge impact on the majority of households in the UK, with food, petrol and energy bills all rising in price. In April Ofgem increased the energy price cap by 52%, meaning the average household would be forking out almost £700 extra a year on their bills, totalling just under £2,000.
On Wednesday (25 May) the regulator announced that the price cap would be rising yet again this time to £2800, totalling an increase of another £800. Whilst addressing the House of Commons today (May 26), Chancellor Rishi Sunak acknowledged the situation has worsened and announced that every household in the UK will receive a £400 discount on their energy bills as part of a new grant.
Although this may help homeowners to stretch their money a little further, many have little room for manoeuvre in their budgets as living cost pressures continue to worsen.
