Simon Read: Think your energy bill is high? You ain't seen nothing yet

Simon Read@simonnread
Saturday 06 December 2014 01:00

There also appears to be another hidden sting in the Autumn Statement – this time one that will hit energy consumers, or anyone who pays for gas and electricity.

Mr Osborne announced that levies on energy companies are set to rise by £6.3bn over the next seven years. So what? Who do you think will end up paying for those extra levies? That's right, you and me.

In short, the chance of more price rises in the coming years has increased significantly. So while a typical domestic energy bill currently stands at £1,330, according to the industry watchdog Ofgem, it has been predicted that it will climb to £2,000.

In fact, the comparison site reckons that bills will continue to rise by between 5 per cent and 10 per cent a year over the long term. After this week's news, it warned that the £2,000 energy bill will be reached in just five years.

twitter: @simonnread

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