Ofgem announcement will ‘strike fear’ into hearts, says Rachel Reeves, amid accusations of profiteering at oil and gas firms
The energy regulator is set to approve a record increase in household bills on Friday as pressure mounts for an emergency budget to tackle the cost of living crisis.
The industry price cap, which sets the maximum rate suppliers can charge, is expected to top £3,500 a year from October for the average dual-fuel tariff, an increase of more than £1,500 from April.