Reply To: Bank of England Raises Interest Rates to 13-year High 2.25% Noted Sterling has Depreciated Materially

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Britain announced Friday a vast 80-percent hike in electricity and gas bills, in a dramatic worsening of the cost-of-living crisis before winter as the UK awaits a new leader.

Regulator Ofgem said its energy price cap, which sets prices for consumers who are not on a fixed deal with their supplier, will in October increase to an average £3,549 per year from the current £1,971, blaming soaring wholesale gas costs after Russia’s invasion of Ukraine.