Energy spending is now almost a third higher than it was this time last year.

That’s according to the latest Spending Power Report by Lloyd’s which estimates that homes across the UK spend 7% more on their energy consumption than just a month ago.

From 1st April, millions of customers saw their bills soar after the price cap increased by a massive 54%.

Research commissioned on behalf of the lender also found that 75% of consumers are extremely or very concerned about home energy prices, which has increased from 61% in December 2021.

Two weeks ago, the Bank of England warned that households might be squeezed even further in October as energy bills were forecast to rise to £2,800 a year.