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Energy bills: Dad fears price cap rise as funds take ‘catastrophic hit’ | Personal Finance | Finance

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Ofgem announced that the energy price cap will increase to £3,549 from October 1. This has left many Britons fearful about how they are going to address rising bills.

Imran Afzal, 45 is “very fearful” concerning the upcoming increases as he “nearly makes ends meet”.

The daddy of two worked as a civil servant for 16 years but had to go away his job attributable to health conditions.

He’s currently a recipient of welfare advantages, including Universal Credit, personal independent payment and other means tested advantages.

Mr Afzal said: “The present rise in cost of living is impacting me quite a bit. 

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“I’m nearly making ends meet attributable to all the worth rises. 

I’m not able to save lots of because at the tip of the month nothing appears to be left over.”

The everyday bill under the prevailing price cap is £1,971 a 12 months, or £2,017 for the 4.5 million households with a prepayment meter.

The rise in October to £3,549, or £3,608 for those on pre-payment meters, is an 80 percent increase.

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Jon Rudoe, co-founder of online cost-of-living champion Nous.co, said: “The energy price cap has been raised again, and British householders are facing a catastrophic hit to their funds, which could trigger the worst recession in living memory.

“More importantly, tens of millions may have to make a choice from heating and eating this winter and that may sadly result in illness and deaths.

“Domestic energy has already greater than tripled in cost, and can have increased greater than five times for a lot of households within the last two years by this winter. For a typical family they might be £3000 or more worse off.

“The everyday household is likely to be out £1000 in increased costs on the pump, the same amount on their food bills, and might be looking at the prospect of their mortgage costs increasing by several thousand kilos even on a mean mortgage of £250k the following time they arrive to vary their mortgage.

“The present state support on energy bills was calculated at a time when the energy cap was forecast to be far lower than the numbers being announced straight away.”

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