ENERGY bills will rocket by nearly £1,300 this October, alarming analysis says. In a massive blow to struggling Brits, the price cap is expected
ENERGY bills will rocket by nearly £1,300 this October, alarming analysis says.
In a massive blow to struggling Brits, the price cap is expected to rise from £1,971 to a grim record of £3,244.
Energy prices could rocket this October and there could be a further rise in January[/caption]
This is up 64 per cent in just six months.
And they are expected to go up again next January to £3,363 a year.
Money Saving Expert Martin Lewis commented: “It’s horrendous. Especially as we’re now near the end of the assessment period that sets October’s cap, so this is the right ballpark.”
It is a far bigger jump in costs than anyone predicted and more bailouts will be needed from the Government to help families, he added.
Dr Craig Lowrey of energy market analysts Cornwall Insight, which produced the figures, warned: “As it stands, energy consumers are facing the prospect of a very expensive winter.
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“There is always some hope that the market will stabilise and retreat in time for the setting of the January cap.
“However, with the announcement of the October cap only a month away, the high wholesale prices are already being ‘baked in’ to the figure, with little hope of relief from the predicted high energy bills.”
Government sources confirmed the cap will go up by more than anyone had predicted.
Earlier this week, the Bank of England said No11 will have to cough up billions more in another bailout to stop Brits drowning in debt.
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New Chancellor Nadhim Zahawi is not expected to make any big tax and spend decisions until Boris Johnson’s successor is chosen.
This is not expected to be until September.