The energy price cap hike is just the start of Labour’s problems
Spectator (UK)AUG 13 2024
The UK's Office of Gas and Electricity Markets (Ofgem) announced that it has increased its cap on energy prices, and therefore, gas and electricity prices will jump 10% beginning in October.
Brits will pay an average £12 ($15) extra per month, bringing the average annual cost up from the current £1,568 ($2,071) to £1,717 ($2,268). Annual prices will reportedly still be £117 ($154) lower than October 2023, but roughly £500 ($660) more than before Russia invaded Ukraine.
Ofgem, which cited geopolitical and extreme weather factors for its decision, hinted at other policy changes as well, such as fixed prices for energy deliveries to their homes. However, it noted that low-income households could bear the brunt of such changes.
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