Phil Brickell welcomes ‘fantastic’ energy bill reductions

Bills will fall for millions of households throughout the UK – with those affected by the current price cap seeing a drop of about £10 per month.

The rates of the cheapest bills will fall too, alongside the cap.

MP Phil Brickell said: “This is fantastic news for my constituents.

“During the election, I spoke to thousands of voters who told me energy bills were a huge pressure on their household budgets.

“As a direct result of the last Labour budget in November, energy bills are now coming down and are likely to stay down in the coming years.

“Lots has been done and I acknowledge there is a lot more to do, but there is even more to lose with other parties making false promises and opposing Labour’s practical measures to reduce energy bills.”

Which? have revealed a foolproof method to ensure your house remains warm. (Image: Getty Images/iStockphoto)

According to Rachel Reeve’s November budget, households should see annual savings of around £150 on energy bills.

But part of the Government’s planned average £150 cut has been offset by the rising cost of upgrading electricity and gas networks, dropping Ofgem’s overall cut to the price cap to £117.

A significant part of these savings comes from the scrapping of the Energy Company Obligation (Eco) scheme introduced by the previous Conservative government.

Under the Eco scheme, energy suppliers had to pay for insulation and heating upgrades in the homes of people in fuel poverty, leading to higher overall prices.

Money expert Martin Lewis said: “The Ofgem Price Cap for the three months starting 1 April is to fall by 6.7 per cent, with the biggest reduction on electricity unit rates.

“Yet unprecedentedly, the rates of the cheapest fixes will fall too.

“These changes are in effect now, so the impact of the reduction will last far beyond the April Cap.”