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UK Energy Price Cap Rises 13 Percent July 1 While 27 Fixed Tariffs Remain Below New Level
The cap increase affects more than 18 million households on standard variable tariffs. GB News reported that consumers have one week to switch to fixed deals offering up to 284 pounds in savings.
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The UK energy price cap will increase by 13 per cent on July 1, GB News reported. The change adds 221 pounds to annual bills for typical households that remain on standard variable tariffs. More than 18 million homes currently use these default rates.
GB News reported that British consumers collectively face an additional 4 billion pound burden if they stay on the tariffs after the new cap takes effect. Households can choose from 27 fixed tariffs priced below the incoming cap. The most competitive option delivers 284 pounds in annual savings for an average household, according to comparison service Uswitch.com.
com has sent vehicles displaying countdown timers through ten major UK cities including London, Birmingham, Manchester, Edinburgh and Liverpool. Manchester residents lead the country in comparing energy costs and securing fixed tariffs, while Milton Keynes households rank lowest in switching activity.
com, said the price cap may be rocketing 13 per cent in just seven days but bills do not have to follow.
He noted the July rise sets the baseline for a further increase expected in October. Two-thirds of UK households said a 10 per cent rise in energy costs would strain their budgets. One in ten said they would draw on savings and 17 per cent said they would cut spending on food or transport.
