Energy bills will cost more than ever as new price cap is confirmed
Millions of Brits have been moved on to standard variable tariffs in recent months after suppliers have gone bust.
Jonathan Brearley, chief executive of energy regulator Ofgem, said: “We know this rise will be extremely worrying for many people, especially those who are struggling to make ends meet, and Ofgem will ensure energy companies support their customers in any way they can." "It’s also worth checking what grants and schemes might be available to help cover your energy bills, particularly if you or someone you know is vulnerable.Brits affected by the price hike rise later today.
The Financial Times reports that the chancellor will give households claiming Universal Credit and other benefits £200 off their bills.Other measures are expected to include Council Tax rebates of £150 for low income households.The Bank of England is expected to announce a rate rise later today in a double whammy for consumers.If you're on a fixed deal then you don't need to do anything.
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