Energy bills price cap news live: Ofgem announce new level as prices expected to soar amid cost of living crisis

'Armageddon': Energy price cap rise prompts call for government to step in

"This is this is a crisis of the poorest households in our society facing Armageddon over the winter," Mr Scorer said. "They've just got to think big. This is a systemic problem. It explodes our welfare benefit safety net," he added. The government is working"flat out" to develop options for further support after Ofgem's new energy price cap announcement, Chancellor Nadhim Zahawi has said.

"This will mean the incoming prime minister can hit the ground running and deliver support to those who need it most, as soon as possible."Financial expert Martin Lewis points out that the new price cap does not actually impose a limit on the amount many of us will be paying for energy. That means homeowners could see just a £172 difference in the cost of paying their mortgage and heating their home.The average SVR mortgage monthly repayment, which borrowers can be transferred to once their fixed or tracker mortgage deal comes to an end, amounts to £516, UK Finance said.

The cap has dominated the news in recent months, as consumers watch nervously to find out how much higher their bills can go, but many of the driving forces behind the rises are beyond our control.Good morning and welcome to today's live coverage of the cost of living crisis.We'll bring you the announcement here as soon as we get it.Around 24 million households are set to be told that their energy bills will rise by around 80% from the start of October.

The Confederation of British Industry says many viable companies face"distress" unless urgent action is taken.

WelI I suggest you work a bit harder then! I will not be paying high fuel bills, why should i 🤔

Tax the energy companies making billions in profit maybe

👀 👀

Clearly not working that flat out or something would have been in place now, it’s not like todays news is a surprise for the chancellor. Stop lying and do something.

He’ll b working 2 lower taxes 4 his rich pals he means 😡

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