Although the cap level will be 7.3% lower, the phase-out of government support means households will pay more. On top of that, standing charges - fixed costs added on top of bills to cover being connected to the grid - are higher than last year. Plans for tackling Britain’s cost of living crisis are likely to feature at the Conservative party conference this week.
Against the backdrop of the fight to win a general election next year, is inflation. Although it’s easing from the highest level in decades, the measure remains stubbornly elevated, prompting expectations that central bank rates will have to stay raised for longer to fight it. So far, the government has ignored calls from energy suppliers and lawmakers to set up a state-funded social tariff to help poorer households this winter.
“With almost three million households set to see their bills rise by over £100, the cost of living squeeze is far from over, especially for England’s poorest households who are most likely to struggle with these persistently high costs,” Senior Economist Jonathan Marshall at Resolution Foundation said.
In January, the cap is estimated to rise by 3.5% due to higher wholesale prices, according to Cornwall Insight Group
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