Rishi Sunak's energy statement in full
Independent

Fancy increasing your household bill by 54 per cent?

We doubt it but too bad. This record energy bill increase is set to happen from April after energy regulator Ofgem lifted the cap on default tariffs to £1,971.

The regulator lifted the maximum rate that suppliers can charge for an average dual-fuel energy tariff by £693, because of rising energy prices over the last year and households will foot this bill.

Jonathan Brearley, the chief executive of Ofgem, said: “We know this rise will be extremely worrying for many people, especially those who are struggling to make ends meet, and Ofgem will ensure energy companies support their customers in any way they can.

“The energy market has faced a huge challenge due to the unprecedented increase in global gas prices, a once in a 30-year event, and Ofgem’s role as energy regulator is to ensure that, under the price cap, energy companies can only charge a fair price based on the true cost of supplying electricity and gas."

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