The cost of living crisis is hitting Britons with soaring energy prices and inflation, but how much more will you have to pay?
Today many Britons will try to crunch the numbers to see what the crisis will cost your households.
In case you haven’t heard, the energy cap – the maximum amount Britons can be charged for energy – will increase by £693, making the typical energy bill 54% more expensive.
Shortly after, the Bank of England announced that interest rates would rise, the second time in three months.
Overall, it’s a more expensive time to live in the UK, so we’ve put together a cost of living calculator that reveals how much more you’ll pay on bills and taxes from April .
Try this calculator to see how the cost of living crisis will affect your bank account.
What’s going on with the cost of living crisis?
The increase in the energy ceiling announcement was made earlier today by the Office for Gas and Electricity Markets (Ofgem).
Ofgem said the new energy cap means the typical energy bill will increase by 54%.
The regulator said 22 million customers are expected to be affected by higher energy prices.
The price hike will result in an even bigger increase of £708 for customers using prepaid energy bills, meaning an increase from £1,309 to £2,017.
People paying direct debit will pay an additional £693 a year – from £1,277 to £1,971.
The two major announcements come in the wake of higher inflation, as well as higher national insurance rates in April.
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