Jobless rate unexpectedly rises to 5% and employment falls by 100,000, biggest drop in six years; economists say June interest rate hike looks less likely
UK energy bills are forecast to rise by £209 to £1,850 a year for a typical dual fuel household from July, according to the consultancy Cornwall Insight.
The new energy price cap, set by the regulator, would represent an increase of 13% on the current £1,641 annual bill.
While households will be understandably frustrated by a rise during the summer, the impact will be reduced as household energy usage typical falls during the hotter months. The bigger concern is October, when demand picks up again and current forecasts point to a similar cap level as July. While the October cap will depend on how the Middle East conflict unfolds, even if the conflict were to end tomorrow, the physical damage to infrastructure, and lingering effect of disrupted supply, means a fall back to April’s price cap levels in the autumn looks unlikely.
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