Household energy bills to fall by £129 as price cap drops
Ofgem, the energy regulator, has set its price cap – the amount suppliers are allowed to charge their customers – at £1,720 per year, falling from its current cap of £1,849.
It follows three consecutive increases in bills that have heaped pressure on consumers and driven the rate of inflation up. Ofgem changes its price cap every three months.
Energy industry analysts at Cornwall Insight this week predicted that another 'modest drop' would follow in October, with another to come in January.
The fall in household's bills comes after Donald Trump's trade war hammered gas and oil prices as uncertainty over tariffs weighed on prices.
At the same time, Opec cartel members have been pushing through oil production increases, adding further downwards pressure.
Adam Scorer, chief executive of National Energy Action, said despite the fall household bills still remained 'punishingly high'.
He said: 'Four years of extraordinarily high energy bills has taken its toll. We hear heart-breaking cases every day.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Blog
24 minutes ago
- Auto Blog
BMW Will Make 5 Series Buyers Wait For New Looks And Tech
BMW's Executive Sedan Is Late For A Meeting With Buyers The current-generation G60 BMW 5 Series was officially revealed a little more than two years ago, on 24 May 2023, and in Bimmer land, that means it's starting to get a little old. BMW likes to put the latest and most advanced technology possible in each of its model updates, so the G60's now-obsolete rotary iDrive wheel and associated systems are beginning to feel a little 'last season,' so to speak. However, despite the fact that BMW's new Panoramic iDrive infotainment system was revealed six months ago, the 5er isn't getting its mid-cycle update, or Life Cycle Impulse, as early as planned. According to a reliable insider who provides updates on the Bimmerpost forum, the G60 LCI will arrive four months late. Comprehensive Changes To BMW's Product Plan According to the post, updates for June 2025 include moving the launch of the updated G60 from March 2027 to July. The same report claims that the next X5 (codenamed G65) will be in production until July 2035, which means it will need to satisfy the market for nine years, while the current F70 1 Series and F74 2 Series Gran Coupe will stick around two years longer than originally anticipated, until October 2032. Back to SUVs for a second, and the assumption is that the G66 X6 and G67 X7 will have similarly long production cycles. Finally, the same report says that the U.S.-spec Z4 M40i and both versions of Toyota Gazoo Racing's Supra will continue to be produced in Austria at the Magna Steyr facility for another two months, only ending production in May 2026. No reasons were given for these extended production cycles, but the ever-changing geopolitical environment may be a contributing factor. More Tech Will Dominate The 5 Series The new 5 Series will get the latest infotainment tech, says the forum post, adding that, along with Panoramic Vision, a passenger display will become an optional extra. On the outside, we expect the G60 facelift to wear a new face inspired by the Vision Neue Klasse and Vision Neue Klasse X concepts. The look has already become evident in spy shots of the next-gen M3, as well as the updated G90 M5 seen below, so it's inevitable that the 5er will make the switch too. Hopefully, BMW doesn't create a Russian Doll situation with its styling, but we'll have to wait a little longer to find out. With production only commencing in July 2027, we suspect the reveal will happen at the very end of 2026, if not early in January 2027. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. With all of that being said, it wouldn't be a surprise to see BMW at least mildly update the interior for 2026, unlocking earlier access to updated iDrive systems. Oops! We're unable to load this content right now. View directly on Instagram About the Author Sebastian Cenizo View Profile
Glasgow Times
24 minutes ago
- Glasgow Times
Luxury UK car makers hit by ‘multiple geopolitical headwinds'
The Society of Motor Manufacturers and Traders (SMMT) said companies such as Aston Martin, McLaren and Morgan are having to cope with volatile trading conditions, decarbonisation rules and production cost pressures. The study found the total turnover of the UK's high-value, small-volume manufacturers in 2024 was more than £5.5 billion, with around nine in 10 of their vehicles shipped overseas. They were responsible for just 4% of the UK's car production, but accounted for 12% of its value. In excess of 15,000 people are employed in high-skilled, well-paid jobs by the companies, the SMMT found. The report stated: 'The UK's small volume manufacturers face a series of challenges … (which) threaten competitiveness and growth.' SMMT chief executive Mike Hawes said: 'Britain's luxury, performance and niche vehicle makers are exemplars of automotive design, engineering and manufacturing – and a quintessential British success story. 'Government rightly recognises the importance of these high-value and iconic brands to the UK economy and, amid multiple geopolitical headwinds, the industry is looking to work together to ensure the sector can not just survive but thrive. 'A successful sector would deliver the economic growth, well-paid jobs and exports that Government craves, helping keep Britain firmly on the global automotive map.' Industry minister Sarah Jones, said: 'Our luxury automotive manufacturers are iconic British brands recognised worldwide, and this report rightly highlights the huge contribution they make to the UK economy. 'We're ensuring our carmakers go from strength to strength as we deliver our Plan for Change, and we've already secured landmark trade deals with the US and India, which will cut tariffs for the sector and create new export opportunities. 'Our modern industrial strategy will set out a long-term plan to support our manufacturers, including by creating the right conditions for increased investment, bringing growth, jobs and opportunities to every part of the UK.' The UK-US trade deal was confirmed in a call between Prime Minister Sir Keir Starmer and US President Donald Trump on May 8. It included American tariffs on UK cars being 10% for the first 100,000 vehicles exported. Mr Trump had previously set the tariff rate on car exports to the US at 27.5%.
Reuters
29 minutes ago
- Reuters
US, China set for trade talks in London on Monday
Three of U.S. President Donald Trump's top aides will meet with their Chinese counterparts in London on Monday for talks aimed at resolving a trade dispute between the world's two largest economies that has kept global markets on edge. Julian Satterthwaite reports.
