Chancellor of the Exchequer Rachel Reeves (Image: Getty Images)
Rachel Reeves is facing a fresh blow with the energy bills set to rise from April 1, pushing prices up by 6%, experts have warned.
Ofgem, the energy regulator, has confirmed that the prince cap will increase by 6%, pushing the average annual energy bill for households using both electricity and gas to ￡1,849.
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This means an additional ￡9.25 per month for typical consumers, compounding the financial strain on families already grappling with inflation and rising taxes.
The price cap, which limits the amount energy suppliers can charge households, is designed to protect consumers from volatile global energy prices.
However, rising global wholesale energy costs have prompted Ofgem to agree to the increase in the threshold, despite its aim to shield consumers from excessive charges.
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Martin Lewis discusses Ofgem's energy price cap reduction
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The changes will take effect between April 1 and June 30.
The timing of the increase is particularly problematic, as it coincides with other fiscal changes expected in April.
The tax increases include a rise in employer National Insurance contributions by 1.2 percentage points, increasing the rate from 13.8% to 15%, effective from April 6, 2025.
Additionally, the income tax personal allowance and higher rate threshold have been frozen until April 2028, meaning more individuals will move into higher tax brackets as their earnings increase.
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The energy price cap is increasing by six percent in April (Image: Getty)
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These measures are expected to add further strain to already stretched household budgets.
With the cost of living already high, there are concerns that the combination of these financial pressures could dampen consumer spending, undermining Chancellor Reeves’ efforts to drive economic growth.
Michelle Lawson, Director at Lawson Financial, said: “This is yet another blow for borrowers and the economy. It will only add to the inflation challenges Rachel Reeves is facing.
"With tax hikes also on the horizon, it’s clear that April is shaping up to be a perfect storm for UK households.
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"Rising energy prices have already made the UK one of the most expensive places in Europe for household energy.
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"The increase in the price cap will make it even harder for consumers to manage their bills, with many already struggling with other rising costs such as food and housing.:
Experts warn that the price cap rise could depress consumer confidence and stall economic recovery.
Riz Malik, Independent Financial Adviser at R3 Wealth, added: “We already pay more for our energy than most of our European neighbours, and this price hike makes us even more vulnerable to global market forces. With the cost of living still high, it looks like the outlook for the UK economy is bleak.”