Ofgem has today announced that the energy price cap will rise by 5% from January for the first quarter of 2024.
After the energy regulator brought the average annual household energy bill to below £2,000 for the first time since April 2022 with its last announcement back in August for the final quarter of 2023, Ofgem has just announced this morning that the energy price cap will unfortunately be rising once the new year rolls around.
The energy price cap is – which is updated every quarter throughout the year – sets a maximum that can be charged to customers for energy bills.
From 1 January 2024, the price cap will increase by 5% on the previous quarter to 31 March, which means that, for an average household paying by direct debit for dual fuel, this equates to £1,928 and a rise of £94 over the course of a year.
The 5% rise also means the average household could be spending around £7.83 extra on bills a month.
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The quarterly energy Price Cap will change from 1 January 2024.
With the rising cost of living crisis sadly continuing the make its impact felt nationwide, the energy price cap increase is sure to mean thousands of Brits will be facing another difficult winter.
According to Ofgem, today’s price cap increase is driven almost-entirely by rising costs in the international wholesale energy market, and is due to “market instability” and “global events” – particularly the ongoing conflict in Ukraine.
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Ofgem’s announcement of the energy price cap rise comes only a few months after a shocking survey by Which? found that nearly nine in 10 (85%) British households admitted to trying to cut back on their energy usage due to rising bills putting significant financial, physical, and emotional strains on consumers.
The same survey also revealed that 13 million Brits didn’t put their heating on when it got cold last winter, as they claimed they were just “too scared” to do so.
Ofgem announces energy price cap will rise by 5% to £1,928 from January / Credit: Pxhere
Ofgem says its “priority” is to “protect consumers” and “ensure they pay a fair price for their energy” this winter.
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“This is a difficult time for many people, and any increase in bills will be worrying,” Ofgem’s CEO Jonathan Brearley commented on the price cap announcement today, “But this rise is a result of the wholesale cost of gas and electricity rising, which needs to be reflected in the price that we all pay.
“It is important that customers are supported and we have made clear to suppliers that we expect them to identify and offer help to those who are struggling with bills.
The Price Cap sets a limit on the maximum amount suppliers can charge for each unit of gas and electricity you use, including the daily standing charge.
Today we have announced what the price cap will be from 1 January 2024.
“We are also seeing the return of choice to the market, which is a positive sign.
“Customers could benefit from shopping around with a range of tariffs now available offering the security of a fixed rate or a more flexible deal that tracks below the price cap.”
Mr Brearley added that people should “weigh up all the information” and “seek independent advice” from trusted sources, all while consider what’s “most important” for them – whether that’s the lowest price, or the security of a fixed deal.
The next quarterly energy price cap announcement covering April – June 2024 is expected to be made next February, Ofgem has confirmed.
Featured Image – Pxhere
News
The simple hack that can save healthcare workers and teachers money on their holidays
Danny Jones
With cost-of-living pressure ever-present in the background of most everyday lives, finding some spare pennies for a getaway feels more difficult than ever, and if there’s anyone who deserves discounts on a holiday, it’s healthcare workers.
That’s why, when we became aware of the simple hack that can save those working in healthcare services money on holidays, we thought we’d help spread the word.
We’re sure lots of you working within the sector already know plenty about this booking strategy, but for anyone who doesn’t, how do you fancy saving up to half a grand on your next jolly?
In fact, even those working in education can cut their costs, too.
With searches for ‘holiday voucher code’ up by 73% on Google, and even the likes of TikTok seeing ‘money saving tips’ up by 45%, travel agency TUI have decided to team up with the Health Service Discounts platform for 2026.
Providing those who work for the NHS with a ‘Holidays for Heroes’ (HfH) access code on various popular peak-season trips, this exclusive discount can be added on top of all other seasonal TUI deals, including the company’s ‘First Choice’ package holidays.
With the HfH code alone guaranteeing workers an extra £100 off their bookings, play your cards right, and you could get up to £500 in total discounts overall.
How to access the healthcare ‘Holidays for Heroes’ deal
Separate from standard Blue Light card savings, here’s how it works, and don’t worry, it’s all very simple:
As mentioned, education workers can also benefit from similar money off, with an extra £50 per person through the TUI x Discounts for Teachers partnership, as well.
Ella Foden-Lynch, Partnerships Manager for TUI, said in a statement: “Getting away is absolutely vital for wellbeing, especially for those working in high-stress healthcare and education roles.
“With the cost-of-living crisis still putting a strain on household budgets, we know how hard it is to stretch your pay to cover a much-needed family break. By unlocking these exclusive TUI deals, we hope to give our key workers the realistic recovery time they deserve without the financial worry.”
So, for those of you healthcare heroes and teachers looking for a well-deserved break, we urge you to find an affordable holiday that suits you very soon. With cheaper airport pints also inbound later this year, here’s hoping you save even more spends for when you’re away.
New ‘cutting-edge’ cancer treatment to be rolled out on NHS from next week
Emily Sergeant
A new ‘cutting-edge’ cancer treatment is set to be rolled out on the NHS from next week.
Thousands of men with prostate cancer are to be offered high-powered ‘precision’ radiotherapy on the NHS to target the disease more effectively – helping reduce side-effects and spare them 15 courses of treatment.
The highly targeted SABR (stereotactic ablative radiotherapy) delivers radiotherapy to the tumour from many different directions to help reduce the risk of cancer spreading or returning.
SABR has been proven to be effective at far fewer doses than conventional radiotherapy.
Standard radiotherapy can often be a major burden for patients and loved ones, due to the substantial treatment and travel time involved, but SABR is typically delivered in just five doses within a fortnight, compared to at least 20 doses with external beam radiotherapy.
Thousands of men with prostate cancer are to be offered high-powered ‘precision’ radiotherapy on the NHS to target the disease more effectively, helping reduce side-effects and spare them 15 courses of treatment.
Around 17,500 men are diagnosed with low or intermediate risk prostate cancer in England each year and could be offered the option of SABR radiotherapy.
It is expected that the cutting-edge technique for localised prostate cancer will be offered at all 48 radiotherapy providers across England in the coming days – with the first centres making it available on the NHS from next week.
The roll-out could free up around 50,000 appointments for prostate cancer treatment each year, helping the NHS continue to bring down waiting times for patients.
NHS chief executive, Sir Jim Mackey, said the news will ‘transform’ treatment for thousands of men with localised prostate cancer.
“This cutting-edge approach will transform treatment for thousands of men with prostate cancer, helping the NHS provide far more powerful and convenient care to stop their cancer spreading,” Sir Mackey commented.
“Having been proven effective in keeping cancer under control, this technology will not only help reduce the risk of certain side effects but also the major ‘to-and-fro’ burden of hospital treatment, which can be really draining for so many patients and their families.”
Emily Sergeant -
23rd November 2023 
