Energy price rises of up to 50% announced for millions today - but £200 discounts could be offered
manchestereveningnews.co.ukMillions of households will feel the cost of living crisis intensify today as an announcement is made on the soaring energy price cap.
Regulator Ofgem will unveil the new price cap today, which will come into force from April 1. The cap will rise by 50 per cent because of soaring wholesale gas prices and the cost of dozens of suppliers that have gone bust, meaning the average bill could hit £1,915.
The average home now pays around £1,277. The Bank of England is also expected to raise interest rates today, from 0.25 per cent to 0.5 per cent. READ MORE: Cost of living calculator: Find out how much more you'll pay on bills and tax from April Amid the price rises, Chancellor Rishi Sunak is expected to announce support for some households to ease the pressure, though this reportedly will depend on council tax bands.
According to the Times, Mr Sunak will commit to giving households in council tax bands A to C rebates funded by government grants under targeted measures for poorer households.
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