Sharon McDougall - 15th March 2023 - 2 minutes to read
Households across the UK will continue to benefit from a government-imposed cap on energy bills between April and the end of June this year, chancellor Jeremy Hunt has announced.
The energy bill cap or the Energy Price Guarantee (EPG), as it is otherwise known, had been scheduled to end from April 1st but will now remain in place for a further three months.
According to the UK government, the EPG scheme extension will save British households an average of £160 each.
The scheme means energy bills will effectively be capped at £2,500 per household and the initiative is being framed by the government as part of a broader effort to support people in coping with the cost of living crisis.
Energy debt has risen quickly up the list of concerns for people with problem debts over the course of the past year or so with gas and electricity prices having increased dramatically during that time.
Providers of debt advice in Scotland and elsewhere have been reporting a very sharp rise in demand for guidance on issues relating specifically to energy debts.
Hopes are that a lowering of wholesale energy prices will feed through to consumers and restrain any further energy bills increases from July onwards.
“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,” explained Mr Hunt.
“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.”
Prime minister Rishi Sunak said in a statement: “Continuing to hold down energy bills is part of our plan to help hardworking families with the cost of living and halve inflation this year.”
With the cost of living continuing to increase, the government has said it plans to distribute “at least £900” in cash payments to roughly eight million low-income households across the UK over the course of the next year.
As part of his Spring Budget announcements, chancellor Jeremy Hunt also committed to providing more help with childcare costs to parents who are struggling financially and reliant on Universal Credit.
If you live anywhere in Scotland and you are worried about your personal debt situation then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.
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