Money blog: Energy bills to fall by more than £100 as new price cap announced

  • 📰 SkyNews
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 67%

Canada Canada Headlines News

Canada Canada Latest News,Canada Canada Headlines

The new energy price cap means average bills will be more than £500 cheaper than last summer. Read about this and the rest of today's consumer and personal finance news - and leave a comment - in the Money blog below.

As we've been reporting, the energy price cap has been set at £1,568 a year for a typical dual-fuel consumer and will come into force from July. The new cap represents a 7% decrease from the current rate of £1,690. It has played a significant role in reducing the UK's inflation rate to a near three-year low of 2.3%.

Its forecasts show a typical bill could increase to £1,762 - even higher than the current rate - from October and remain around this level from January 2025.The prediction is due to an uptick in the wholesale market.'It is clear the cap in its current form is not going to bring down bills to pre-crisis levels,' Dr Craig Lowrey, principal consultant at Cornwall Insight, said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 35. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Martin Lewis shares step-by-step guide to get £100+ back from your energy firmAfter hearing Money Saving Expert Martin Lewis' advice on checking your energy credit, one happy customer received a £700 refund while another was due a whopping £1,000
Source: new_magazine - 🏆 72. / 59 Read more »

Martin Lewis shares beautifully simple way to get £100+ from your energy firmAfter hearing Money Saving Expert Martin Lewis' advice on checking your energy credit, one happy customer received a £700 refund while another was due a whopping £1,000
Source: new_magazine - 🏆 72. / 59 Read more »