Millions will face higher energy bills as Hunt is a set to raise the cap to an eye-watering figure.

Millions will face higher energy bills as Hunt is a set to raise the cap to an eye-watering figure.

The Chancellor needs to find £60billion of savings when he announces his Autumn Statement on Thursday.

Millions of hard-working Britons will see their energy bills rise by as much as £900 a year next spring under plans set to be unveiled this week.

Chancellor Jeremy Hunt is thought to be ready to axe the £2,500 energy price guarantee introduced by Liz Truss less than two months ago.

The average price cap is instead expected to rise to as much as £3,100 a year. Only those on pensions or in receipt of benefits payments will be shielded from the new increase.

The fresh hike comes despite Britons already paying on average much higher energy costs than others in Europe.

But yesterday Mr Hunt said, “there has to be some constraint” on public finances in order to get the UK economy booming again.

The plan to increase the energy price guarantee would help reduce the cost incurred by the Government from £60billion over six months to £20billion.

Mr Hunt needs to find £60billion of saving when he unveils his Autumn Statement in the House of Commons on Thursday.

Speaking to reporters on the plane to Indonesia for the G20 summit, Mr Sunak said financial conditions in the UK had “clearly” steadied.

The Prime Minister said he was “cognisant” of the dire economic situation the country is facing, after gross domestic product – the measure of national income known as GDP – contracted by 0.2 percent between July and September, potentially marking the start of a recession.

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Source: Millions to be hit with more energy bill misery as Hunt to hike cap to eye-watering level

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