From Morningstar:

In December, the UK government saw a significant drop in borrowing, down to £7.8 billion, which is £8.4 billion less than the previous year. Despite this, borrowing for the year reached £119.1 billion, the fourth-highest on record. The national debt was over 97% of GDP, a level not seen since the 1960s.

Experts predict that UK energy bills will drop by an average of 16% come April, potentially reaching the lowest since Russia’s 2022 invasion of Ukraine. Ofgem’s current price cap may drop to £1,620, with prices averaging £1,497 in July, but could rise to £1,541 in October. Tensions in the Red Sea have failed to stall energy prices from dropping.

Despite potential global disruptions to energy supplies that could increase prices once more, energy bills are currently expected to hit their lowest point in months. Ongoing consultations by Ofgem could influence overall energy pricing, and it’s now widely believed that homegrown renewable energy sources are essential to long-term energy cost reductions.

Households are expected to welcome the anticipated decrease in energy bills this April, with energy editor Emily Seymour advising consumers to check if they can benefit from the predicted price drop. Indeed, long-term support for the financially vulnerable is needed to secure energy bill affordability in the future.



Read more: Morning Briefing: Gov’t Borrowing Falls; Energy…