Further Energy Price Increases

News arrived yesterday that energy prices won’t be going up a further 30% or so in October, but it’s going to be much worse….actually around a further whopping 64% !!

The latest estimates come from Cornwall Insight, one of the country’s premier energy consultancies about the predicted energy price cap changes in the UK, and it makes bleak reading. Following the recent significant 54% increases in April there, further massive 64% price increases will kick in on 1st October 2022, then up a further 4% again on 1st January 2023. It is hoped prices would then stabilise by April 2023. But stabilisation will be hard for most people. It’s falling prices which are needed.

This latest information will likely see people choose between eating and heating, as colder months start to take effect again. From October 2022, it will take the average UK household to £3,244 / annum, or just over a third of annual state pension.

Estimations for YOUR bills make horrific reading for after summer. The Predicted future price cap suggests:

If you pay £100/mth now, from Oct you’ll be paying £165 and in Jan £170.
If you pay £150/mth now, from Oct £250, Jan £255.
If you pay £200/mth now, from Oct £330, Jan £340.
If you pay £300/mth now, from Oct £495, Jan £510.

The £400 which the (ex) Chancellor has promised in financial assistance for each household is hardly going to touch such increases. More is going to be needed from the UK Government, or something has to seriously change.

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