- Ofgem has confirmed that the UK energy price cap will rise by four per cent in October to £1,723 a year for the average household, marking a £60 increase from the current level.
- Energy forecaster Cornwall Insight has warned of a further nine per cent increase in January to £1,872, which would push annual energy bills more than £200 above current rates.
- The forecasted price cap increases threaten to completely negate recent government relief measures, including a temporary VAT cut saving £45 annually and a £150 bill reduction from scrapped energy schemes.
- The renewed surge in energy costs is being driven by global market disruptions stemming from the ongoing US-Iran conflict and the effective blockage of the Strait of Hormuz .
- The Resolution Foundation think tank has urged ministers to introduce a targeted, means-tested scheme to reduce winter bills by an average of £175 for the households most affected by rising costs.
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