Why are UK energy bills rising 4% in October?
Ofgem has confirmed the energy price cap for Great Britain will rise 4% from October, driven by soaring global gas market prices tied to the war on Iran [1]. Commentary points to volatile global gas prices, recently pushed up further by fallout from Donald Trump's actions in the Middle East, as the main cause, though it also flags Labour's political exposure over the issue [2]. It's the second increase in three months, following a 13% rise in July, taking bills to their highest level in three years [1].
Sources
- Britons to face highest price cap in three years as energy bills rise 4% from October — The Guardian
- Labour’s energy bills crisis is getting worse. Political honesty is essential | Nils Pratley — The Guardian
- Households in Great Britain ‘could owe energy suppliers £7bn by end of year’ — The Guardian
- Government vows to make business rate valuations for pubs and hotels fairer — The Guardian
- Rising inflation underlines scale of Andy Burnham’s cost of living challenge — The Guardian
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