Energy regulator Ofgem has announced that the price cap on British gas and electricity costs will rise next year, as feared. The average annual energy bill in England, Scotland and Wales will rise to £1,738 per year from January, putting more pressure on household finances – at a time when cold weather drives up demand for energy. That will push up the average annual cost of energy by £21, or by £1.75 per month, for the January-March quarter. The cap applies to the unit cost of energy (there’s no limit on high an individual bill can rise). The increase for the January-to-April cap comes on top of a 10% rise for the period between October and December, when it was £1,717 a year. For comparison, prices will still be about a third higher than three years earlier. In October 2021, the cap was set at £1,277 per year. National Energy Action chief executive Adam Scorer is calling on the government to take steps now to help strugging households with their energy bills. Scorer says: "Today’s news that the price cap is rising by 1% will impact millions of vulnerable households. Bills are around 50% higher than pre crisis levels. "With temperatures now plunging and far less support available many are getting deeper into debt trying to keep warm. Now we know there will be no let up into January and beyond. Targeted government support is essential to save millions from the misery and danger of a cold home." On Wednesday, we reported that energy suppliers will spend £500m helping customers with their energy bills this winter, in a deal brokered by the government. But the government has also removed the winter fuel payment for millions of pensioners, which is expected to push 100,000 people in England and Wales into relative fuel poverty. Meanwhile, retail sales across Britain have dropped, as uncertainty before last month’s budget hit consumers. The Office for National Statistics has reported that retail sales volumes fell by 0.7% in October, ending a three-month run of growth. The decline was driven by a decline in demand at “non-food stores” such as clothing outlets, where sales fell by 3.1%. The ONS says that “retailers reported that Budget uncertainty affected sales”. The drop in clothing sales followed growth in previous months, as shoppers had taken advantage of end of season sales. ONS senior statistician Hannah Finselbach said: “Retail sales fell back in October following three months of growth. The fall was driven by a notably poor month for clothing stores, but retailers across the board reported consumers held back on spending ahead of the budget. “However, when we look at the wider trend, retail sales are increasing across the three month and annual periods, although they remain below pre-pandemic levels.” The agenda • 7am GMT: Energy regulator Ofgem to set price cap for January-March 2025 • 7am GMT: UK retail sales report for October • 9am GMT: Eurozone ‘flash’ PMI report for November • 9.30pm GMT: UK ‘flash’ PMI report for November • 2.45pm GMT: US ‘flash’ PMI report for November We’ll be tracking all the main events throughout the day ...
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