Cost-of-Living Pressurehousehold welfare / prices
0.70Neutralized
policyverifiedconfidence: high
UK Energy Price Guarantee caps typical bill at GBP 2,500 (Oct 2022)
Facing surging gas and electricity prices, the UK government introduced the Energy Price Guarantee from October 2022, capping a typical household's annual energy bill at GBP 2,500 by compensating suppliers for selling below cost. The Office for Budget Responsibility put the EPG cost at about GBP 23.0 billion and total net 2022-23 energy support at GBP 51.1 billion (2.0% of GDP) - a large fiscal subsidy to blunt cost-of-living pressure.
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What happened
Facing surging gas and electricity prices, the UK government introduced the Energy Price Guarantee from October 2022, capping a typical household's annual energy bill at GBP 2,500 by compensating suppliers for selling below cost. The Office for Budget Responsibility put the EPG cost at about GBP 23.0 billion and total net 2022-23 energy support at GBP 51.1 billion (2.0% of GDP) - a large fiscal subsidy to blunt cost-of-living pressure.
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