Spring Budget: Chancellor confirms extension of energy bills support

The Energy Price Guarantee will remain at £2,500 a year for a typical household until the end of June

The government‘s flagship Energy Price Guarantee (EPG) will remain unchanged at £2,500 per year for a typical household until the end of June.

Ahead of the Spring Budget announced expected later today, the Treasury has confirmed the decision to extend the energy bills support.

The EPG was introduced to provide stability for consumers amidst volatility in the energy market.

The guarantee ensures that customers are protected from sudden price hikes and allows them to better manage their energy bills.

The decision is expected to offer some relief to households that have been hit hard by rising energy costs in recent months.

The move will give families more time to adjust to the new reality of rising energy costs and help them plan their finances accordingly.

The decision to keep the EPG unchanged is likely to be welcomed by the energy industry, charities and consumers, who are facing mounting bills due to a variety of factors, including the pandemic and geopolitical tensions.

Prime Minister Rishi Sunak said: “We know people are worried about their bills rising in April, so, to give people some peace of mind, we’re keeping the EPG at its current level until the summer when gas prices are expected to fall.

“Continuing to hold down energy bills is part of our plan to help hardworking families with the cost of living and halve inflation this year.”

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