Starting October, 24 million British households will see their energy bills increase 80% a year. That’s according to the country’s energy regulator, which announced Friday it will raise its price cap on consumer bills in October.
According to Reuters, “An annual average bill of 1,277 pounds last year will hit 3,549 pounds this year and leading forecaster Cornwall Insight said prices were likely to rocket again in 2023.” (Another cap increase is likely in January as the country’s dependence on Russian oil runs up against sanctions heading into the winter cold.)
Any government aid to ease the pain is a big question mark right now because the new Prime Minister won’t be announced until September 5. Front-runner Foreign Secretary Liz Truss said she would cut taxes before resorting to “handouts.”