U.Okay. Energy Bills Set to Jump as Country Awaits New Leader

U.Okay. households will see the costs they pay for power rise by 80% in October, a brand new blow to spending energy that’s prone to push the world’s fifth-largest financial system into contraction within the remaining months of the yr.

The U.Okay.’s power regulator, generally known as Ofgem, raised its cap Friday on home-energy costs to three,549 kilos a yr (about $4,177) from a present fee of £1,971 following a twice-yearly evaluate. It cited greater natural-gas costs that it attributed to the warfare in Ukraine and reductions in provides from Russia.