Household energy bills are set to rocket this year with the energy price cap set to rise by 54% in April.
This will see an increase of £693 to energy costs after an unprecedented rise in wholesale gas prices.
The announcement was made by Ofgem and affects around 22 million homes across England, Wales and Scotland.
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Rishi Sunak made a statement this morning (3 February) claiming that the government will look to cover £350 of the bill for a 'vast majority of households'.
The chancellor said that households will receive an initial £200 discount on bills in October. However, this will then be 'automatically recouped' on people's bills through £40 instalments over the next five years.
There will also be a £150 council tax rebate for households in bands A to D in April.
Despite these support plans, households will still have to pay back more than half of the amount initially discounted over time, and will still face an increase of £343 to bills.
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