The cost of living crisis continues across the UK leading Chancellor Jeremy Hunt to extend support for energy bills from April 2023.
Chancellor of Exchequer Jeremy Hunt confirmed in his Spring Budget 2023 that the government would continue to help UK customers with their energy bills.
As the cost of living crisis continues, Hunt also confirmed a childcare reform and new tax allowances for pensions.
But the main pressure on the chancellor was to extend the government’s helping hand when it comes to gas and electricity bills which were due to rise another £500 to £3,000 in April 2023.
So are we still getting help with our energy bills? And when does it end? Here’s the latest news.
What is the energy bill support scheme from April 2023?
As part of the Spring Budget, Hunt confirmed the government would be extending their support scheme by keeping the Energy Price Guarantee (EPG) at £2,500.
In April, this was due to go up to £3,000 as energy prices continued to soar despite huge profits.
The support scheme has limited a typical household energy bill to £2,500 since October and will cost the Treasury around £3 billion.
As wholesale energy prices have dropped, it has become increasingly affordable for customers to continue being protected with the same deal.
Energy prices are now 50% lower than forecast in October and are projected to continue dropping.
Rachel Reeves tells listeners why Labour would change the minimum wage to a ‘real living wage’.
https://imasdk.googleapis.com/js/core/bridge3.563.0_en.html#goog_1154253064Play Video
When will energy bill support end?
The latest hand out from the government will end in July 2023, a time when energy bill prices are expected to fall.
Mr Hunt said: “High energy bills are one of the biggest worries for families, which is why we’re maintaining the Energy Price Guarantee at its current level.
“With energy bills set to fall from July onwards, this temporary change will bridge the gap and ease the pressure on families, while also helping to lower inflation too.”
By Zoe Adams
