Energy price cap set to rise by almost £1,000 in October

Ofgem’s chief executive Jonathan Brearley has announced today the Uk’s energy price cap is expected to increase to £2,800 in October 

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He described the increase as a ’once-in-a-generation event not seen since the 1970s’.

The news comes as cost of living begins to hurt households, with soaring inflation rates and energy bills pushing many low-income families into poverty.

Currently the energy cap (the maximum price per unit suppliers can charge you) sits at £1,971, but the cap is set to rise to £2,800 In October.

Jonathan Brearley told the Commons Business Committee the price cap would rise by almost £1,000 because of the volatile gas market.

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