UK Energy Bills Will Soar By £139 This October As OFGEM Raises Price Cap – Switching Supplier Now Could Save You Hundreds!

Higher energy prices will hit millions of people across the UK in October, just when the cold weather starts, and the country moves into winter.

The energy regulator, Ofgem, said the price cap for default domestic energy deals would be raised to cover suppliers' extra wholesale costs.

Your typical gas and electricity bill could go up by £139 to £1,277 a year.

Prepayment customers will see an increase of £153, from £1,156 to £1309, the regulator said.

There has never been a more urgent time to review your tariff and consider switching to a cheaper supplier.

Switching is simple using one of the many comparison sites or making a few phone calls. Just Google ‘switch energy supplier’. One comparison site said you can save £268 by switching today. I have not verified this statement, but I have save similar amounts by shopping around.

You can also save by calling you current supplier and asking them to put you on a cheaper tariff.

The worst tariff is usually the ‘standard’ one and people with prepay metres – usually the lowest paid - are paying the most for their energy.

HMO landlords who include bills in the rent should definitely shop around for the best deals, as tenants, like children, are not too fussed about turning off lights!

The energy price hike reflects rising costs of commodities across the globe.

Yesterday, the Governor of the Bank of England described price rise surge as “temporary”, as base interest rates were held at the record low of 0.1%.

Andrew Bailey did warn that if inflation continued to rise that the central bank would have to take “action”, which translates as higher interest rates.

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