JEREMY Hunt today vowed he’ll “do what it takes” to help with bills, as he refused to rule out future energy price hikes.
Industry regulator Ofgem announced average gas and electricity bills will finally drop in July by £426 a year.
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In a huge relief for hard-up households, the energy price cap will be cut from £3,280 to £2,074.
But today the Chancellor wouldn’t rule out costs going back up again in the Autumn.
He told Sky News: “All I can say is that I think I’ve demonstrated in the autumn statement, and the spring budget where I extended the energy price guarantee for another three months, funded in part by a windfall tax on the oil companies, that we are willing to do what it takes.
“We are very aware of the pressures that families are facing, and we want to do what we can to support them.”
The price cap has soared from £1,162 a year for average households in August 2021 to its current level of £3,280.
At one stage it even reached a whopping £4,279, due to the pandemic and Russia’s invasion of Ukraine.
Today Ofgem chief Jonathan Brearley told MPs it’s “very, very hard” to predict future gas prices.
But he added his “best guess” is that costs will continue falling.
“In the medium term, we’re unlikely to see prices return to the levels we saw before the energy crisis,” Mr Brearley said.
“Therefore, we believe that it is imperative that government, Ofgem, consumer groups and the wider industry work together to support vulnerable groups.
“In particular, we will continue to work with government to look at all options.”
Energy Secretary Grant Shapps described today’s bill announcement as a “major milestone” in the government’s effort to slash inflation by half.
“We’ve spent billions to protect families when prices rose over the winter,” he said.
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“We’re now seeing costs fall even further with wholesale energy prices down by over two thirds since their peak as we’ve neutralised Putin’s blackmail.”
Mr Shapps pledged to reduce Britain’s reliance on foreign fossil fuels and ensure companies deliver “cheaper, cleaner and more secure energy.”
