Energy price cap Rish Sunak to make urgent announcement as households could get £200 each
But the money looks set to be a loan that households would have to repay
Ofgem will be announcing the new energy price cap from April, with a rise of around 50 per cent expected – the highest rise in decades.
And Rishi Sunak will give a major announcement today on how he plans to tackle soaring energy bills – amid reports millions will get a council tax rebate.
The BBC has been briefed that the price cap could rise to as high as £2,000 per household, an increase of around 50 per cent from the current cap of £1,227.
The Bank of England is also set to announce a possible rise in interest rates today as well, meaning the government has a huge challenge in responding to what is developing into a very serious a cost of living crisis.
The day will play out as follows:
- 11am – Ofgem (energy regulator) will make a statement announcing the new energy price cap.
- 11.30am – Chancellor Rishi Sunak will lay out his plans in the House of Commons to help people deal with the huge rise.
- 12pm – The Bank of England will announce its decision on interest rates which are widely expected to rise from 0.25 per cent to 0.5 per cent.
- 5pm – Rishi Sunak will hold a press conference from Downing Street.
It is expected that the Chancellor will announce a package of billions to give consumers a rebate on energy bills, and there is also a suggestion that the poorest household in council tax bands A-C could be given a discount, paid by the government.
We will bring you the latest on the cost of living crisis and today’s announcements in the blog below.