Energy Bills in UK Households Will Rise by 80% in October

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UK Household Energy Bills will rise by 80% in October, according to UK Regulators. The Office of Gas and Electricity Markets (OFGEM) said last week that the bills will raise to an average of £3,549 ($4,188), calling it “a crisis.”

Ofgem CEO Jonathan Brearley said on Friday the rise in Energy Bills would have a “massive impact” on households across Britain, and another increase was likely in January, reflecting significant pricing pressure in energy markets.

He adds that Britain’s next prime minister needs to take immediate action once in the office next month. Liz Truss and Rishi Sunak are the Prime Minister candidates.

“It’s clear the new Prime Minister will need to act further to tackle the impact of the price rises that are coming in October and next year,” Brearley said. “The response will need to match the scale of the crisis we have before us.”

Due to the ongoing Prime Minister Race, little attention has been put on the ongoing energy crisis in the UK. Therefore, it will likely lead to rising energy bills and other consequences towards the end of 2022.

This news also comes after reports that the UK is set to enter a recession in Q4. As reported recently, The United Kingdom (UK) registered a record high inflation in June. Per the Office for National Statistics, Consumer Price Index rose to 10.1%, from 9.4%