BoE expects UK energy bill cap to rise to around 3,500 pounds

·1-min read
FILE PHOTO: Flames come out of a domestic gas ring on a stove in Manchester

LONDON (Reuters) - The Bank of England expects the cap on consumer energy bills to rise to around 3,500 pounds, Governor Andrew Bailey said on Thursday, citing conversations with the energy regulator Ofgem.

"We think, on the basis of what Ofgem told us, that the price cap setting for October will be around 3,500 pounds," Bailey told a news conference.

On Tuesday, analysts said the average annual household dual-fuel bill - gas and electricity - will rise by around 70% in October to more than 3,359 pounds ($4,087) and remain high until at least 2024.

(Reporting by Andy Bruce, writing by William James; Editing by Kate Holton)

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