Safeguarding households from enormous bills set to cost government £5illion a month
The government will reportedly spend more than double on safeguarding households against energy bill in the new year.
It will also push up the cost of running the government's energy price guarantee from £7.8 billion in the last three months of 2022 to £15.1 billion in the first three months of 2023, according to estimates by energy consultancy Auxilione. Last week, the Office for Budget Responsibility published its estimates which state that it could cost £6.5 to deal with the fallout from supplier Bulb Energy after its collapse last year.
While the cap still regulates how much suppliers get paid for the energy that customers use, the Treasury will foot the bill on the customers' share. Therefore, the new price cap should have no effect on current bills.
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