Rolling coverage of the latest economic and financial news, as energy regulator Ofgem announces October’s rise in Britain’s energy price cap
Labour calls for emergency budget as energy cap set to top £3,500
Liz Truss doubled down on her reluctance to “bung more money” at those who will struggle to afford spiralling energy costs this winter, while Rishi Sunak said millions may be forced into destitution without extra support, as the pair clashed at the penultimate hustings of the Conservative leadership race last night.
With energy regulator Ofgem expected to raise the price cap to £3,500 a year from October for the average dual-fuel tariff, Truss warned the issue of spiralling fuel costs was not a short-term one.
“If people think this problem is going to be over in six months they are not right. This is a long term problem.”
“Ofgem is a regulator which doesn’t regulate.
It appears to simply be passing the parcel of the energy giants’ profits directly on to the consumer. It’s clear that piecemeal action will not solve the scale of these problems. Sooner or later taking the energy giants back into public ownership will have to be contemplated.”
Thank you for sharing your expertise and insights on this topic. I learned a lot from reading this article.
This article is well-researched and presented in an organized manner. Thank you for the valuable information.
This article is a powerful reminder of the importance of this issue. Thank you for bringing attention to it.