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Business live
UK energy price cap rises 10% today in blow to struggling households
Live  
UK energy price cap rises 10% today in blow to struggling households
Rolling coverage of the latest economic and financial news
Headlines
‘It’s heartbreaking’:  
Gloom in Port Talbot as steel town’s last blast furnace closes
Gloom in Port Talbot as steel town’s last blast furnace closes
Hospitality  
UK unions fear not all staff will get fair share as tip-sharing law comes into force
Retail  
UK shop prices fall at fastest rate since 2021 despite rising fresh food inflation
Energy bills  
Starmer urged to help households as energy bills rise by £149 a year
UK  
House prices hit highest annual growth since 2022
eBay  
Online retailer scraps fees for private sellers in UK
Boeing  
US officials say 40 airlines may be using 737s with suspect rudder parts
Technology  
Epic Games accuses Samsung and Google of scheme to block rivals
Australia  
Qatar Airways plan to buy 25% stake in Virgin Australia could boost competition with Qantas
US  
About 45,000 workers begin strike at ports after breakdown in union talks
Utilities  
Thames Water could be blocked from new debt financing next week
Mergers and acquisitions  
Murdoch-backed REA abandons attempt to take over Rightmove
Mulberry  
Frasers Group makes £83m offer for handbag maker
Politics  
Senior Tories may push for party to become pro-fracking
Car industry  
Vauxhall owner warns on profits amid falling sales and Chinese competition
Today's agenda
It’s October, which means the nights are drawing in, the temperature is dropping, and arguments can begin about when to turn the heating on.

But flicking the boiler on has just become more expensive, adding to the burden on millions of households as winter approaches.

Average energy bills across Great Britain have just risen by £149 a year today, as the latest energy price cap kicks in.

The cap, set each quarter by regulator Ofgem based on the wholesale price of energy, has just risen by 10% to £1,717 a year for an average dual-fuel household in Great Britain paying by direct debit.

That’s an increase of almost £150 per year compared with the cap in April-June, based on the energy use for a typical household.

And while the cap is lower than the £2,500 at which the last government froze maximum bills at the height of the energy crisis, it’s still sharply higher than in autumn 2021, when average bills were capped at £1,277 a year.

The Joseph Rowntree Foundation is warning today that poorer families are already struggling to cope.

JRF research has found that, back in May, 2.9 million low-income households had been unable to keep their home warm in the previous six months, while 4.3 million had fallen behind with their household bills.

Yesterday, a seperate survey warned that almost half of British adults will ration their energy use this winter.

The agenda
• 9am BST: Eurozone manufacturing PMI report for September
• 9.30am BST: UK manufacturing PMI report for September
• 10am BST: Eurozone inflation report for September
• 2.45pm BST: US manufacturing PMI report for September 

We’ll be tracking all the main events throughout the day ...
Nils Pratley on finance
The Murdochs just couldn’t afford Rightmove
The Murdochs just couldn’t afford Rightmove
Opinion
With the closure of Port Talbot, UK must step up investment in green jobs
With the closure of Port Talbot, UK must step up investment in green jobs
Advertisement
Media
UK  
Phillip Schofield says he was fired from ITV ‘for his brother’s crime’
Phillip Schofield says he was fired from ITV ‘for his brother’s crime’
Australia  
ABC managing director apologises to staff who experienced racism after review reveals ‘disturbing’ treatment
Spotlight
Moana and other screen favourites set to top Christmas lists, says Hamleys
Toys  
Moana and other screen favourites set to top Christmas lists, says Hamleys
Well-known names such as Stitch and Bumblebee ‘foster sense of connection, comfort and familiarity’
Popular on business
Restaurants ponder price increases as new tip-sharing law comes into force
Restaurants ponder price increases as new tip-sharing law comes into force
End of an era as Britain’s last coal-fired power plant shuts down
The man in charge of Labour’s green energy dream: ‘It’s at the limit of what’s achievable’
Flying-Vs and longer wings: how the familiar shape of passenger planes is about to change
Thames Water could be blocked from new debt financing next week
Get in touch
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