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#AceNewsRoom With ‘Kindness & Wisdom’ Aug.28, 2022 @acenewsservices

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#AceNewsDesk – The scale of the squeeze Britons face on their incomes has been laid bare, with the energy price cap confirmed to increase average bills by more than 80 per cent in October – and forecasts predicting annual costs of £7,000 by April according to The Independent on 27th August 2022

The government has been warned that lives will be put at risk unless it takes urgent action

Regulator Ofgem has revealed that the price cap, which is supposed to protect consumers from unfair energy bill increases, will rise to £3,549 per year for an average household – more than three times last winter’s level. That is expected to leave some 8.9 million households in fuel poverty, charity bosses have said, with a “real risk” that children will go hungry as Britain’s poorest see almost half of their income taken up by gas and electricity.

The government has been warned that lives will be put at risk unless it takes urgent action to shield families from massive price hikes, with ministers having so far failed to answer calls for more financial help. However, Boris Johnson finally acknowledged on Friday that his successor as prime minister would “plainly” have to offer more cash, while the chancellor, Nadhim Zahawi, told people to cut down on their energy consumption to reduce their bills and insisted he was working “flat out” to develop support measures.

Alarmingly, worse is yet to come, after frenzied trading in wholesale energy markets on Friday saw gas prices jump by another 10 per cent, adding to big gains in the past two weeks.

At current market prices, the cap would exceed £5,500 a year by January and £7,000 by April, as analysts warned that the cost of gas could go higher still as Russia further squeezes vital supplies relied on by European countries. That would deepen the problems faced by millions of low-income families, who will already struggle to afford adequate heating and power through the colder months.

Even at the October cap level, poorer households will see their incomes “wiped out”, the Joseph Rowntree Foundation (JRF) said. The charity calculated that an average low-income family will have to pay four and a half times more for energy in 2023/24 compared with last year, while single parents will hand over almost two-thirds of their income after housing costs. Energy bills for low-income adults will exceed 120 per cent of their income.

This is a truly impossible situation, leaving them having to cut down on energy use even to pay their bill, and having no money whatsoever left over for food or other essentials,” the JRF said.

Middle-income families will see almost a fifth of their earnings go on gas and electricity, prompting fears that businesses will collapse as people tighten their belts and spend less on non-essential items. The National Institute of Economic and Social Research (NIESR) said its calculations showed that around 2.2 million additional households will run out of savings by April 2024, bringing the total to around 6 million.

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