Chancellor Hunt Vows to Support Households Amidst Energy Bill Fears
The Chancellor, Jeremy Hunt, has said that he is willing to do what it takes to support households if energy bills rise again this autumn.
He has already increased support in the past by extending the energy price guarantee and funding it with a windfall tax on oil companies.
However, he added that he is not expecting a major increase in Ofgem's energy price cap, which has recently dropped to an average of £2,074 a year, down from the previous cap.
The chancellor did not provide a clear answer when asked if the government would step in if bills reached £3,000 a year.
Jonathan Brearley, Ofgem's chief executive, said it is "very, very hard" to predict future energy prices and that every prediction on the market has turned out to be wrong.
The government's energy price guarantee is set to end on 1 July and no state support is planned from that date.
However, he added that he is not expecting a major increase in Ofgem's energy price cap, which has recently dropped to an average of £2,074 a year, down from the previous cap.
The chancellor did not provide a clear answer when asked if the government would step in if bills reached £3,000 a year.
Jonathan Brearley, Ofgem's chief executive, said it is "very, very hard" to predict future energy prices and that every prediction on the market has turned out to be wrong.
The government's energy price guarantee is set to end on 1 July and no state support is planned from that date.
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