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Union body calls on government to cancel the hike in
the energy price cap
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“Bills are out of control”, warns TUC
Energy bills will have risen nearly 10 (9.5) times faster than
wages this year, new TUC analysis has revealed today (Monday).
The analysis shows that energy bills will be 52% higher in April
2023 than they were in April 2022.
Over the same period nominal wages are forecast to have grown by
5.5%.
The government today confirmed that the energy price cap will
rise to £3,000 from this April.
Responding to the increase in household bills, TUC General
Secretary Paul Nowak said:
“Energy bills are out of control. The government must cancel
April’s hike.
“With the cost of wholesale gas plummeting ministers have no
excuse for not stepping in.
“Families across Britain are at breaking point. Prices are
skyrocketing, but wages are failing to keep pace with the cost of
living.”
On the need to reform Britain’s energy market,
Paul added:
“It is shameful that household budgets are being hammered while
oil and gas firms rake in billions in excess profits.
“We need a much higher windfall tax. But we also need
proper reform of our broken energy market.
“Energy retail companies should be brought back into public
ownership to help bring down bills and fund home insulation.
“Much-needed investment is being siphoned off into shareholders’
pockets.”
ENDS
Notes to editors:
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Energy price
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Apr-Jun 2023
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£3,000
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Apr-Jun 2022
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£1,971
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Growth
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52%
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Wage growth
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Apr-Jun 2022- Apr-Jun 2023
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5.5%
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Source: OBR November estimates
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