Energy price cap fall of £37 a month set to relieve pressure on Government

The energy price cap is set to be lowered on Thursday in a boost to householdsThe Government will no longer subsidise energy bills from July, with the price cap set by Ofgem expected to fall below the level Jeremy Hunt has beenremain smaller than the hit they are facing from other forms of inflation, particularly on food.

Cornwall Insights expects the new level, which will take effect in July, to be £2,054 – a major fall but still far higher than prices before Russia’s invasion of Ukraine. The average household will benefit to the tune of £37 a month when the new price cap is introduced. By comparison,Rishi Sunak told MPs: “What we are doing is taxing the windfall profits of energy companies, and using that money to help pay around half of a typical household’s energy bill. That support is worth £1,500. It was extended in the Budget by the Chancellor, and we all look forward to energy bills coming down, which hopefully will be happening very soon.

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