Higher energy bills set to squeeze debt-hit households
Higher energy bills set to squeeze debt-hit households
Friday 20th June 2008
Since the start of the year all of the largest energy suppliers have introduced double digit increases to their tariffs, citing soaring wholesale energy costs as justification.
However, with oil recently hitting an all-time peak of $139 per barrel, the continuing high price is set to force a further round of increases, energy experts cited by BBC Online have predicted.
The increase would bring the average annual energy bill for a UK household from £1,048 to £1,467.
Commenting on the story on BBC 2's Newsnight, energy minister Malcolm Wicks did not confirm or deny that the increase would be as high as this, but admitted that soaring prices are a concern.
He said: "Yes, I'm worried about the scale of it. I can't give you a figure because actually, with respect to all the experts, no-one knows...it is very, very likely that we are going to see significant increases in the future."
News of a further hike for energy bills comes amid predictions that the soaring cost of living and higher mortgage costs will force thousands of Britons into problem debt this year.
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