Up and down the country people are preparing to tighten their purse strings thanks to the news of the energy cap rising by up to 54% in April.
03.02.2022 - 16:21 / manchestereveningnews.co.uk
The government will help around 28 million households this year, Chancellor Rishi Sunak has said, as energy bills skyrocket.
The energy regulator Ofgem sets a new price cap - the maximum amount suppliers are allowed to charge their customers - every six months, and it affects around 22 million homes across England, Wales and Scotland.
From April, the average household energy bill will soar by £693 to as much as £1,971 - a 54 per cent hike - due to an unprecedented rise in wholesale gas prices.
Mr Sunak says the government's plan to help with the cost of living is worth around £9 billion and will cover just over half of the rise for households at £350.
READ MORE: Energy bills surge for millions as Ofgem lifts price cap - what you need to know and how it will affect you
Addressing the House of Commons today, the Chancellor set out the three ways financial support will be delivered.
Firstly, the worst of the energy prise 'price shock' will be spread over time, the Chancellor said.
This means domestic electricity customers will receive an upfront discount on their bills worth £200.
Energy suppliers will apply the discount on bills from October and the government will meet the cost in full.
The discount will have to be repaid in automatic instalments of £40 over the next five years, though, he says.
People within a qualifying council tax bracket will receive a £150 rebate in April, Mr Sunak announced.
The rebate would not need to be repaid and the support isn't just for people on benefits either.
The council tax rebate will be given to those on council tax bands A to D.
Local authorities will also be provided with a £150 million fund to help lower-income households in higher tax properties.
Mr Sunak said the government is
Up and down the country people are preparing to tighten their purse strings thanks to the news of the energy cap rising by up to 54% in April.
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Household energy bills are set to rocket this year with the energy price cap set to rise by 54% in April.
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The energy price cap will rise by 54 per cent from April this year, Ofgem has announced.