Jeremy Hunt ‘to extend £2,500 energy price guarantee’ for three months

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Government 'may cancel energy price guarantee rise' says Lewis

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Chancellor Jeremy Hunt is reportedly set to keep the price guarantee at £2,500. Previously, the price guarantee was set to be raised to £3,000 in what would have been a £500 rise in energy bills for the average household.

Energy prices have risen substantially over the last year due to external pressures on the whole gas and electricity market.

A Government source told The Times the extension will act as a “bridge” until wholesale energy prices drop below the energy price cap in July, as forecasts suggest.

It is estimated the cost of keeping the price guarantee will be around £3billion but it could be less.

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