Analyst increases prediction of surge in energy bills

Earlier this week, independent data analyst company Cornwall Insight warned that average household energy bills could hit £4,266 in the new year.

Just last month, the company had predicted a rise to £3,363 in January 2023. Its prediction for the October rise has also increased by over £200, with the figure now standing at £3,582.

An HM Treasury spokesperson said: “We know that rising prices caused by global challenges are affecting how far people’s incomes go, which is why we have continually taken action to help households by phasing in £37billion worth of support throughout the year.

“[This] includes specific support to help people through the difficult winter ahead.

“Eight million of the most vulnerable households will see £1,200 extra support, provided in instalments across the year, and everyone will receive £400 over the winter to help with energy bills.

“That’s on top of action earlier this year including a record fuel duty cut and a National Insurance cut worth up to £330 a year for the typical employee.”

The department added that ‘the Prime Minister has made clear that major fiscal decisions should be left for the next PM’.

The winner of the Conservative leadership contest is expected to be announced on Monday, September 5.