‘More than a quarter of households’ income spent on energy’

A person in a large household earning £2,615 a month after tax is expected to end up giving 28% of it to energy providers, a report finds

Large households spent more than a quarter of their income on energy bills.

A new analysis by the Times has found that a person living in a large household who is paid an average of £2,615 per month after tax will lose an estimated 28% of it paying their energy bills.

The report suggests that Britons in average-sized homes could end up spending 20% of their income on electricity and gas.

Last week, analysts predicted that energy bills could hit £500 a month this winter and called on Rishi Sunak, Liz Truss and Boris Johnson to come together and announce new aid for people who see their cost of living rising to record highs.

The study also estimates those with an average income of £31,383 and an average energy usage will spend about 12% of their earnings on energy next year.

The energy regulator is expected to announce the level of the new price cap in three weeks.

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast