BUSINESS LIVE: Ofgem proposes price cap shake-up; SSP sales continue to lag 2019 levels; The end of quantitative easing
Britain’s energy regulator has proposed quarterly price updates and shorter notice periods for price cap changes, as the country attempts to tackle soaring prices driving household bills to record levels.
Ofgem’s latest plan follows its decision to hike the energy price cap by 54 per cent from April, which will see the average default tariff bill for households in England, Wales and Scotland jump to £1,971 a year.
Upper Crust owner SSP’s revenue took a hit from restrictions imposed to contain the spread of the Omicron variant of Covid-19, but the group said on Friday that sales were recovering after the lifting of curbs in the UK and some European markets.
SSP’s sales in the eight weeks to 30 January were at around 57 per cent of 2019 levels, down from the nine weeks before that when sales ran at 66 per cent of pre-Covid levels.
The Bank of England is bringing the curtain down on its £895billion money-printing programme after almost 13 years.
The Bank said yesterday it would start unwinding the controversial ‘quantitative easing’ scheme launched in March 2009.
>If you are using our app or a third-party site click here to read Business Live
Millions of households will have to swallow far higher annual energy bills from April after Ofgem announced it is raising the price cap 54%