Chancellor Kwasi Kwarteng told MPs that the Government is cutting household energy bills by an expected £1,400 this year while millions of the most vulnerable households will receive additional payments, taking their total savings this year to £2,200.
He told the Commons: “People will have seen the horrors of Putin’s illegal invasion of Ukraine. They will have heard reports that their already-expensive energy bills could reach as high as £6,500 next year. Mr Speaker, we were never going to let this happen.”
Mr Kwarteng added: “People need to know that help is coming. And help is indeed coming.”
He said the energy price guarantee will limit the unit price that consumers pay for electricity and gas, noting: “This means that for the next two years, the typical annual household bill will be £2,500. For a typical household, that is a saving of at least £1,000 a year, based on current prices.
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