Energy cap – live: Bills forecast to hit £3,500 as global gas prices soar

Millions of UK households are bracing for the cost-of-living crisis to worsen today when the UK energy regulator announces a new price cap.

Another major increase to the cap is expected, with analysts predicting it could be set between £3,550 and £3,600 by Ofgem for the average household for the start of October, compared to £1,971 today.

Experts warn the price hike will only soar as time goes on, with the price cap forecasted to peak at £6,823 by next April.

The continuous increases are expected to send many households into fuel poverty this winter. As a result, the government is facing increasing calls to introduce further support to help households through the crisis.

The rise in energy bills will be a crucial issue the next prime minister will have to tackle once the Tory leadership contest concludes in September.

While Rishi Sunak introduced some measures to ease the pressures on households as chancellor, Liz Truss has repeatedly expressed opposition to further “handouts” and believes tax cuts are the only way to prevent the economy from heading towards a recession.

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