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UK to support consumers as energy price cap rises by 54pc

Published : Monday, 7 February, 2022 at 12:00 AM  Count : 796

UK Finance Minister Rishi Sunak speaks at British Parliament on Thursday.

UK Finance Minister Rishi Sunak speaks at British Parliament on Thursday.

LONDON, Feb 6: The UK government on Thursday stepped in to help the hardest-hit households struggling with the rising cost of living, announcing a £9 billion package to offset soaring energy bills.
It followed an announcement by that energy regulator that the price cap on how much suppliers can charge consumers will jump by 54 percent due to soaring wholesale gas prices.
The annual price cap for consumers not on a fixed deal with their supplier will rise by £693 to £1,971 in England, Wales and Scotland from April, Ofgem said.
Northern Ireland has a separate regulator and has also announced sharp hikes in average household gas bills. UK inflation rose to a near 30-year high in December and more costly household bills are further stoking fears about a cost-of-living squeeze, with government tax rises looming. The government, under pressure due to lockdown-breaching parties but also struggling to claw back eye-watering pandemic spending, is being urged to get tackle the issue.
Finance Minister Rishi Sunak said electricity customers will get a £200 discount on their bill in October, to be repaid over five years, while lower and middle-income households will see a £150 rebate on local taxes in April.    -AFP

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