Energy Price Cap & Interest Rates Increasing 

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Tory Negligence Sees Households Face ‘Double-Whammy’

The SNP has warned of a ‘double-whammy’ hit to households in the coming months, after changes to interest rates and the energy price cap were announced this week.

Ofgem confirmed on Thursday 4th August that the energy price cap, which limits how much energy companies can charge households, will now be updated quarterly – as opposed to the current rate of twice a year – in order to keep up with the rising costs.

The price cap rose by 54% in April to £1,971, with further rises in October set to hike bills to just under £3,500 a year.

Ofgem’s announcement was also followed by an announcement from the Bank of England, which confirmed that interest rates would increase by half a percentage point – the biggest rise for 27 years.

The SNP has said the announcements spell disaster for households already left reeling from sky-high energy bills and the Tory cost of living crisis, and called for urgent action to address households economic fears.

– Graeme

People here in Angus as across Scotland have watched in horror as changes to the energy price cap have seen their bills more than double, and the prospect of further massive rises is incredibly worrying.

With wages stagnating and prices of good and services also rising fast across the board, this double-whammy hit will only exacerbate households’ economic fears as a looming recession threatens to hit incomes and wipe out savings.

Every day of inaction from this distracted, inept and uncaring UK Government is hurting Angus families – the heating or eating dilemma that people genuinely face is just scandalous, but is seems nothing will shame the Tories into action.

It is truly telling that the UK is one of the hardest hit countries where energy bills are concerned – indicative of how Tory Westminster rule is a key contributing factor in this crisis, which we will escape only with independence.