By Alex Glenn • 03 February 2022 • 10:07
UK Government, OGL 3 , via Wikimedia Commons
Rishi Sunak to host major Downing Street press conference today.
A press conference is expected to be held today, February 3, due to energy bill price hikes. Sunak is expected to make a major announcement regarding shielding Brits from increasing bills for heating.
It is expected that the regulator will lift the cap on energy prices today. This means that many people will be hit with soaring costs. According to reports, the price cap could be increased to £2,000.
Sunak will address the nation on TV from Downing Street. It is hoped that the Chancellor will announce financial support for families who are struggling. Reportedly the Treasury is considering an energy bill rebate for the worst-hit families.
The regulator Ofgem is expected to raise the price cap to £2,000 from only £1,277. Global gas costs have rocketed recently. Ofgem is expected to reveal the decision at 11am.
Any increase in energy prices will hit families hard. UK customers are facing massive electricity and gas bills after wholesale energy prices and supplier costs have increased recently.
It is also expected that the Bank of England will increase interest rates today.
The cost of living crisis has seen many everyday prices rise dramatically. Sunak previously said that he will “continue to look at all the policies we have in place.”
The government is considering a new support package but this will not help everyone with energy bill costs.
A government spokesperson commented: “We recognise people are facing pressures with the cost of living, which is why we are providing support worth around £12 billion this financial year and next.
“We will provide an update in due course on further help for households across the UK to meet their energy costs in the face of rising global gas prices.”
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you donâ€™t already have one. Review our
Originally from the UK, Alex is based in Almeria and is a web reporter for The Euro Weekly News covering international and Spanish national news.
Got a news story you want to share? Then get in touch at [email protected]
Download our media pack in either English or Spanish.