Good news for UK households, energy bills will be decreasing in July! This marks a welcome period of cost-of-living relief in households across the country, as many have been feeling the pressure of rising bills in recent months. The decrease is expected to be around an average of £30 on their annual bills, bringing welcome news to UK households.
This decrease has been attributed to a combination of reduced prices due to lockdown, as well as the previously announced 5% reduction in the energy price cap, and various other factors. In addition, Ofgem’s Retail Market Review has also proposed new regulations that would further reduce suppliers’ ability to charge expensive rates to people living in certain areas.
Although this reduction will not solve all the problems UK households have with rising costs, it will go some way to helping households manage their budget a little more effectively. It is also hoped that the reduction is part of a longer-term trend of lower energy bills and cost-of-living relief.