RE: INFLATION22 Aug 2022 15:53
UK households cannot carry the cost of the Ukraine war which is set to push energy bills even higher, the boss of Octopus Energy has said.
Greg Jackson was speaking as UK households brace for average energy bills to reach a predicted £3,582 a year in October and £4,266 in January.
He called for the government to double its financial support or freeze the amount suppliers can charge for energy.
No 10 previously said there would be no new policy before a new PM is in place.
The new Conservative Party leader will be announced on 5 September and will face immediate pressure to tackle the nation's energy bills.
The current favourite, Liz Truss, has promised tax cuts and recently hinted at direct financial help for hard-pressed households.
Her rival, Rishi Sunak, has said he would introduce more targeted support for households, and has promised to reduce VAT on domestic energy bills from 5% to zero.
The upcoming jump in energy prices has prompted investment bank Citi to raise his forecast of UK inflation to 18% in early 2023.
Inflation - the rate at which prices rise - is currently at 10.1% and the Bank of England's target is 2%.