London, Europe Brief News – The energy crisis in UK households is increasing a lot. Households all over the UK are paying £700 a year for electricity and gas. Energy experts have encouraged house owners to submit meter readings and attempt to save cash. The government has announced that a new energy strategy has been made a plan to make householders aware of the rising energy prices.
How Much Does The Energy Bill Go up?
About 18 million households on standard tariffs are seeing an average increase of £693 – from £1,277 to £1,971 per year. Some 4.5 million prepayment customers are expecting to see an average increase of £708 – from £1,309 to £2,017. The amount of the bill will go up depending on the amount of energy you use. Energy bills will not rise immediately for the customers on fixed rates. Many household owners are likely to see a significant increase when this deal ends.
Why Is Energy Cap in UK Going Up?
Energy Bills are going up and the energy price cap has reached the maximum price in England, and Wales. Energy firms have been able to increase bills by 54% following the introduction of the new cap on 1 April. The price cap is reviewed every six months. The prices are expected to rise yet again in October. According to a report by the bank Investec, the energy bills could reach £3,000 a year.
Energy Crisis in UK And Cost Of Living
The energy crisis in UK will affect the cost of living for common people. It seems a lot of households will struggle due to an increase in energy bills. According to the Resolution Foundation, many people will suffer from ‘fuel stresses all over the UK. They come up with a warning that UK households will face a ‘cost of living catastrophe’.
It is not surprising why The Bank of England has increased the interest rates for the third time. They are trying to slow down the price rises in their way. However, it comes with a warning of inflation. It will track how the cost of living will change in the upcoming months.
Due to the energy crisis UK in 2022, wholesale prices have gone up as a whole. Some believe that it all is happening due to the Russian- Ukraine War. Although the UK gets a small amount of gas from Russia they have to suffer due to high prices. The energy cap in the UK will increase even more lately in the year.
