Residents face rocketing energy bills

From April the average energy bill for a family in Southport will jump an eye watering £500.

The energy price cap is being raised to £3000 and widespread financial support for all has been taken away.

Today the Chancellor confirmed energy bill aid for households extended beyond April for a further year through energy price guarantee, but average annual bill will be £3,000 from current £2,500.

Experts say millions of families will be forced to accept a serious decline of living standards over the next two years

In a written statement released after the chancellor spoke in the Commons, the OBR said despite the new support with energy bills, living standards are going to fall by 7% over the next two years.

This would wipe out eight years of growth and is the largest fall on record

In its latest correspondence, the OBR said: “Over £100bn of additional fiscal support over the next two years cushions the blow of higher energy prices – but the economy still falls into recession and living standards fall 7% over two years, wiping out eight years’ growth.