Ailbhe Rea: Rachel Reeves’ budget challenge
Chancellor of the Exchequer Rachel Reeves speaks during a press conference at the Treasury in central London on July 29, 2024.
Photographer: LUCY NORTH/AFPHi there, I’m Ailbhe Rea, a Bloomberg UK Associate Editor based in Westminster. Hope you enjoy today’s Readout.
Energy bills for the average household will rise by 10% this October, we learned today, as the regulator Ofgem set the new energy price cap for England, Scotland and Wales. That’s tricky news for Chancellor Rachel Reeves so soon after announcing an end to the winter fuel allowance for pensioners — meaning many older people will be going into the winter without financial support for their rising bills.