Energy price cap in Britain set to rise by £276 in January

Energy analysts Cornwall Insight have forecast that British household energy bills will rise by £276 a year from January. The typical annual bill is expected to reach £1,999, which is 16% higher than current levels. Earlier predictions suggested a rise of only 9%, so this new forecast is much larger. Millions of homes on standard energy tariffs will be affected. The price cap had already gone up by £60 to £1,723 in the previous period. If the January rise happens, it will be the biggest increase in four years. The government has cut VAT on electricity, which saves households around £45 a year. The increase will hit families hardest during winter, when people use the most heating.