Editor's letter: Running out of steam

April 'cruellest in decades'

Lauren Mason
clock • 3 min read
Lauren Mason, Investment Week editor
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Lauren Mason, Investment Week editor

Last week, one of the key topics for investors – and households across the UK – was Ofgem’s announcement of an eye-watering 54% energy price cap increase from April, seeing default variable gas and electricity tariffs increasing from £1,277 to £1,971.

This £693 increase, which will impact approximately 22 million households, prompted Chancellor Rishi Sunak to almost immediately announce a £350 ‘pay later' package - including a £200 reduction from energy bills - to be repaid over five years from 2023.  "After a winter of discontent, April is set to be the cruellest month in decades for household finances," warned Myron Jobson, senior personal finance analyst at interactive investor. "Creeping inflation, a national insurance hike and a new bumper energy price cap have conspired to create a perfect storm - and a financial headache for ma...

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