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UK Energy Price Cap Estimate Tops £4,000 for the First Time

Estimates of the UK energy price cap for households have broken through £4,000 ($4,860) for the first time, as the Bank of England warns that the nation is heading for more than a year of recession under the pressure of soaring inflation. 

The cap on default energy tariffs could jump as high as £4,210 a year in January, according to Investec Bank Plc, more than double the level now. The prediction will be grim reading for many families that are already struggling to pay record bills, and it’s not even cold yet.