Good news for households as report suggests energy bills will rise by £600 ... trends now
Energy bills will rise by less than feared from April in a boost for families and the Treasury, a report suggests.
The average household will pay £2,400 in 2023-24, down from the £3,000 forecast by the Government last autumn, according to the Resolution Foundation.
The drop follows months of falling wholesale gas prices due to mild weather and European countries cutting their dependence on Russian imports. It will lead to an £11.3billion saving for the Treasury, fuelling calls for Chancellor Jeremy Hunt to cut taxes in next month’s Budget.
When Mr Hunt set out his tax plans in November, wholesale gas prices were still significantly higher than normal. It meant the Government’s energy price guarantee – which capped average household bills at £2,500, rising to £3,000 in April – would cost £12.8billion. But wholesale gas prices have fallen more than 70 per cent from their August peak, meaning the