Energy Bills Soar in GB, Nearing £2K

0:00On March 20th, household energy bills in Great Britain could jump by more than 330 pounds a year, reaching nearly 2,000 pounds. From July. That's the latest forecast from energy analysts at Cornwall Insight, driven by the war in Iran that sent UK gas prices to three-year peaks. The typical combined gas and electricity bill is now pegged at 1,972 pounds under the government's upcoming price cap. This marks a sharp rise from two weeks ago when experts predicted 1,800 pounds after the conflicts early days. A 20% increase stems from European gas prices surging 30% on Thursday. That follow missile strikes on key infrastructure, including Qatar's massive gas processing plan, which faces years of repairs. Markets ease Friday, but stay roughly double, pre-war levels. Holds currently pay under a 1,641 pound cap through June, down 117 pounds from winter.

1:01Yet the Bank of England held rate steady at 3.75% Thursday while signaling possible hikes piling on mortgage worries. The International Energy Agency urges COVID-style steps worldwide, like more remote work, car pulling and senses, and speed limit cuts to save fuel. With gas volatility lingering, families face a challenging stretch of higher living costs.