Is energy price hike fair or are we being taken for fools? | Personal Finance | Finance
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The energy crisis gripping Britain will leave millions with bills 50 percent higher than now from April.
Energy regulator Ofgem announced the biggest ever rise in the energy price cap last week that is predicted to leave millions of households struggling to keep the heating and the lights on in 2022.
The cost of living crisis has seen bills, food, fuel, and clothes have all risen in price throughout the winter, putting a significant squeeze on British homes.
A typical household will pay £1,971 a year from April, 54 percent more than they pay now, with a further rise expected in October.
The £693 a year rise will affect 22 million households, with 4.5 million customers on prepayment meters facing an even bigger increase to their energy bills of £708 a year.
Energy companies have explained that due to global supply shortages of gas, prices have been pushed up.
But as giants like Shell and Exxon boast billions in profits despite the hardship on ordinary people, it’s left many wondering why they need to fork out extra for basic heating and light.
But what do you think? Is the energy price hike fair, or are we being taken for fools?
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