Millions will notice extra £122 in their current account in July

Millions of UK bank customers will get a £122 bank account boost from July. Thanks to the energy price cap being slashed by £122, UK consumers are due to see a handy windfall in their bank account thanks to lower bills to utility companies.

National Energy Action (NEA) has estimated that about 5.6 million households in Great Britain will remain in fuel poverty over the summer, even with lower prices. Adam Scorer, NEA’s chief executive, said: “Any drop in energy bills is welcome, but modest falls in summer look set to be wiped out by bigger rises in autumn when people will need to put the heating back on.”

The consumer group Which? has urged households to take a meter reading as close to 30 June as possible “to ensure you don’t pay over the odds for any energy used after the new price cap takes effect”.

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Scorer said: “Whoever is in power on 5 July inherits a fuel poverty crisis that causes misery, despair, ill-health and early death. A new government will need a new plan. Social tariffs to make energy affordable. ‘Help to repay’ programmes to reduce the debt burden. Energy efficiency schemes to build fuel poverty out of the homes of the most vulnerable.”

Ofgem has confirmed: "Between July 1 to September 30, 2024 the energy price cap is set at £1,568 per year for a typical household who use electricity and gas and pay by Direct Debit." The statement from the watchdog went on: "This is £122 lower than the cap set between April 1 to June 30, 2024 (£1,690).

"The price cap is based on typical household energy use. The price cap also makes sure that prices for people on a standard variable tariff (default tariff) are fair and that they reflect the cost of energy."