Thousands of struggling families in Southport will now be worrying about the long term rise in their energy bills and mortgage payments after a unprecedented government u turn.
The new Chancellor Jeremy Hunt announced today the two year energy price guarantee will be scrapped.
It will now be reviewed and watered down in six months time.
It may mean many Southport families will see a staggering rise in their energy bills from next spring.
The move, which has been done to stabilise the pound, is not without risk says money expert Martin Lewis
“Trussenomics totally hunted down and gone” is the reaction from consumer campaigner Martin Lewis to Jeremy Hunt scrapping almost all of the tax cuts in the mini-budget.
The reining in of the Energy Price Guarantee – now limited to a review after six months rather than two years – will still need to ensure people are supported with paying their bills, Lewis says.
“While energy intervention was desperately needed – a universal energy price guarantee was always expensive and poorly targeted.
The post-April support will still need reach a decent way up the net and support middle earners, energy rates are still huge,”
OTS News on Social Media