The energy price cap will drop marginally from October, but the truth of the matter is it remains well above levels seen before the cost-of-living crisis.
The average household will be paying over £500 more than they were in October 2021.
On top of that, households will not be receiving the £400 discount that they did last winter, which means a lot of people are likely to be no better off.
It’s going to be another tough few months for a lot of families who unlike last year, are also grappling with higher mortgage rates and other increased borrowing costs.
We would encourage families to do what they can now to prepare for the increase in their bills as the cold weather bites, however we know just how hard it is for a lot of households to find the spare cash to save at the moment.
With predictions that wholesale prices may rise again as we head into next year, the Government must start thinking about the long-term plan to mitigate the UK’s dependency on gas and ease the financial burden on households.
Kevin Brown is savings specialist at Scottish Friendly
