UK energy price cap rises 13% as Britain sees record wealth decline
The UK energy price cap has increased by 13%, while Britain experiences the largest drop in household wealth among developed nations.
The Full Story
A plain summary built from the channels that reported this story.
The UK energy price cap has risen by 13%, adding further pressure to household budgets at a time when Britain is experiencing the largest decline in household wealth among developed nations. The increase, which took effect on 1 October, means the typical household's annual energy bill will rise by around £149 to £1,717, according to regulator Ofgem. The cap had fallen slightly in the summer but remains far above pre-pandemic levels.
The price cap rise comes as new data from the Organisation for Economic Co-operation and Development (OECD) shows that UK household wealth fell by 2.4% in real terms in the first quarter of 2024, the steepest drop of any advanced economy. The combination of high energy costs, rising mortgage rates, and stagnant wage growth has left many families struggling to make ends meet.
Political debate has intensified over the causes of the UK's high energy prices. Critics point to the government's energy policies, including green levies on bills and a reluctance to expand domestic fossil fuel production. Some argue that the UK is paying four times as much for energy as the United States and significantly more than comparable European countries. Others highlight global factors such as the war in Ukraine, instability in the Middle East, and disruptions to shipping routes like the Strait of Hormuz.
The role of the energy secretary, Ed Miliband, has come under particular scrutiny. Opponents accuse him of being ideologically opposed to domestic drilling and fracking, which they say could have reduced reliance on imports. Supporters of the government's approach argue that expanding renewable energy is the best way to achieve long-term energy independence and shield consumers from volatile global fossil fuel prices.
Charities and consumer groups have warned that the price cap rise will push more households into fuel poverty this winter. Many people are expected to ration their heating, with some already reporting that they cannot afford to turn on their central heating. The government has said it is providing cost-of-living support through benefits and the Warm Home Discount, but campaigners argue that more targeted help is needed.
The energy price cap is reviewed every three months by Ofgem. The next adjustment is due in January 2025, and analysts expect another increase as wholesale gas prices remain elevated.
On screen
Stills are sampled automatically at 60-second intervals. Where shown, the still is the nearest available frame from the relevant broadcast segment and is included to show what was on screen during that part of the broadcast. A still may not correspond to the exact second of a quoted phrase.
Key Claims
Claims reported during this story's coverage, mapped by channel. Ordered by how many channels carried each claim.
| Claim | GB News |
|---|---|
| Green taxes are added to energy bills and could have been addressed. | |
| The energy price cap has risen by 13%. | |
| UK families pay four times as much for energy as those in the United States. |
Channel Perspectives
What each channel focused on, with key quotes.
GB News focused on the political and ideological drivers of the price cap rise, with strong criticism of the government's energy policy, particularly Energy Secretary Ed Miliband. The panel linked the rise to green taxes, a refusal to drill for domestic oil and gas, and a perceived failure to exploit shale gas reserves. The tone was confrontational and partisan, with one host framing the issue as a burden on taxpayers who also fund bills for migrants. The discussion largely ignored the global context of energy markets and instead blamed domestic policy choices.
- “We, meanwhile, face a 13% increase again. This is indeed true because the energy cap has risen once more.”
- “I think we've had the most blinkered obsessive energy secretary I've seen from any party in any government.”
- “We're paying four times as much for energy, this is families, than they are in the United States.”
Broadcast Timeline
News broadcasts tracked for this story, in time order.