Energy bills on course to rise nearly 10 times faster than wages this year

Energy bills will have risen nearly 10 (9.5) times faster than wages this year, new TUC analysis has revealed today (Monday).

The analysis shows that energy bills will be 52% higher in April 2023 than they were in April 2022.

Over the same period nominal wages are forecast to have grown by 5.5%.

The government today confirmed that the energy price cap will rise to £3,000 from this April.

Responding to the increase in household bills, TUC General Secretary Paul Nowak said:

“Energy bills are out of control. The government must cancel April’s hike.

“With the cost of wholesale gas plummeting ministers have no excuse for not stepping in.

“Families across Britain are at breaking point. Prices are skyrocketing, but wages are failing to keep pace with the cost of living.”

On the need to reform Britain’s energy market, Paul added:

“It is shameful that household budgets are being hammered while oil and gas firms rake in billions in excess profits.

“We need a much higher windfall tax. But we also need proper reform of our broken energy market.

“Energy retail companies should be brought back into public ownership to help bring down bills and fund home insulation.

“Much-needed investment is being siphoned off into shareholders’ pockets.”