Millions of pensioners will suffer as the cost of energy continues to rise.
The Telegraph reported that those on the basic state pension will be expected to receive £324 less than an average energy bill will cost from April. On Friday, regulator Ofgem announced the energy price cap would increase from £1,971 to £3,549 for the average household, from October 1.
Energy consultancy Auxilione has forecast that energy bills will hit £7,700 from April 2023. If correct, Auxilione’s prediction could see the current price cap more than double in the new year.
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Currently, the basic State Pension pays just £141.85 a week to those who retired before April 6, 2016. This equates to £7,376.20 a year for those who qualify for the full amount, although some will get additional State Pension on top.
That means that those on the basic state pension would be receiving £324 less than what an average energy bill could cost. It means that many will have to choose between food and heat as it leaves nothing for basic everyday costs, such as eating, council tax and water.
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