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Bills set to drastically increase for UK households
UK energy regulator Ofgem, announced last Friday a hike on household bills by 80%.
This increase comes from the prolonged invasion of Ukraine. Europe has already seen huge increases to their energy prices however the issue has now spread to the shores of Great Britain.
A difficult winter is incoming for many families as the typical household energy bill will go from £1971 per year to £3549 starting in October.
Millions may not be able to heat their homes this winter unless the government intervenes to cushion the blow.
This puts enormous pressure on Liz Truss and Rishi Sunak as both candidates pledge more support for households struggling with increasing energy prices.
With poorer households being hit the hardest by this surge in price it is essential that the government intervene.
This increase would knock off 2.7% from household disposable income. This is huge and will be very noticeable for many families.
Charity, Save the Children, stated that young people’s health may be at risk if families are unable to pay their bills. Severe consequences have also been predicted if the issue is not dealt with.
It is also forecasted that these prices will continue to rise into 2023 where bills could top £6600 by next spring. This is more than 5 times the price pre-Ukraine conflict.
By Nial Dixon
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