Your energy bills are set to skyrocket - Ofgem has hiked the price cap to more than £3,500 a year
It leaves squeezed Brits facing a hefty increase in their energy bills amid demands for the Government to do more.
Jonathan Brearley, CEO of Ofgem, said: "We know the massive impact this price cap increase will have on households across Britain and the difficult decisions consumers will now have to make. I talk to customers regularly and I know that today’s news will be very worrying for many. "We are working with ministers, consumer groups and industry on a set of options for the incoming Prime Minister that will require urgent action.
Chancellor Nadhim Zahawi said: "I know the energy price cap announcement this morning will cause stress and anxiety for many people, but help is coming with £400 off energy bills for all, the second instalment of a £650 payment for vulnerable households, and £300 for all pensioners. Liz Truss, the front runner in the Tory leadership contest, has pledged to use an emergency budget in September to "ensure support is on its way to get through these tough times", according to the Daily Mail.
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