U.K. Energy Bills Jump 54% as Cost-of-Living Crisis Deepens
- Regulator lifts cap as suppliers pay record for natural gas
- Government relief, BOE interest-rate hike could follow soon
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U.K. domestic energy bills will jump 54% from April, dealing a dramatic blow to households already suffering a cost-of-living squeeze that’s only set to get worse.
Industry regulator Ofgem lifted its cap on bills to 1,971 pounds ($2,670) in response to a surge in gas prices that has pushed dozens of utilities out of business. The cap limits what suppliers can charge customers.