Eamon Farhat🇲🇺🇱🇧

Exclusive: UK household energy bills are forecast to jump *by about 25%* in January as the Iran war drives up gas and electricity prices, according to analysis by Bloomberg Economics The coming price spike means UK inflation could climb above 4% next year, double the BoE target, the analysis finds The Ofgem energy price cap is expected to rise by about £427 to around £2,150 a year for the average household, according to the forecasts This would push bills close to the £2,500 cap brought in by the government following Russia’s full-scale invasion of Ukraine in 2022 It’s a major threat to Andy Burnham’s pledge to be the cost-of-living prime minister Story by @EamonFarhat: bloomberg.com/news/articles/…

A story that raises the question: has Andy Burnham just spent £850 million on a policy for which he’ll get no credit come October, putting pressure on himself to then spend more?

Exclusive by @EamonFarhat Andy Burnham’s £45 off the average household electricity bill will be wiped out by rising wholesale energy costs, meaning bills will still rise not fall in October Analysts at EDF expect the typical annual household energy bill to rise by £97 in October thanks to the Iran war That’s more than twice the estimated impact from Burnham’s cut in VAT, and up £30 from its estimate a week ago So Burnham’s policy means energy bills will go up by less than they otherwise might have. But they’re still forecast to go up, so how much will people notice? bloomberg.com/news/articles/…