UK faces record rise in energy prices, adding to bill stress

By SYLVIA HUI
Associated Press

LONDON (AP) — Britain’s energy regulator says a cap on energy prices is going up by a record 54% because of soaring costs of wholesale natural gas. The change announced Thursday will significantly burden millions of households already squeezed by rapidly climbing bills. The Office of Gas and Electricity Markets said the new price cap will rise by 693 pounds per year in most parts of the U.K. from April. That will cause the annual bill for the average customer to go up to 1,971 pounds. It adds to a cost-of-living crisis in the U.K., where food costs have been steadily rising and a tax increase is set to take effect in April. Treasury chief Rishi Sunak immediately announced measures to help people pay the extra bills.