Mac soared higher than my hopes for the future *ago

He announced a ВЈ200 rebate on energy bills, which will have to be paid back. The squeeze comes as oil giant Shell revealed a 14-fold increase in profits as the company benefited from the spike in global prices.Д«ank of England rate setters hiked the base interest rate from 0.25% to 0.5%, a move it hopes will take some pressure off households.ДЄs the Bank announced the rates change, Chancellor Rishi Sunak was promising to help households through the energy price rises. Increased energy bills, even with the new support from the Government, will push four million households into fuel poverty вЂ“ double the current amount, according to the Resolution Foundation think-tank. The prediction would mean that disposable incomes fall by around 2%, according to Bank estimates, the worst impact since records began in 1990. Meanwhile, inflation is set to hit an eye-watering 7.25% in April, according to new Bank of England forecasts released on Thursday. Mr Sunak also told a Downing Street press conference that energy price rises are вЂњso significantвЂќ they will hit middle-income households as well as the poorest families. вЂњHigher energy prices are something we will have to adjust to, in common with other countries around the world and it would be wrong to pretend otherwise but what we can do is slow that adjustment to make it more manageable for peopleвЂ™s household budgets.вЂќ

вЂњThe current energy markets are forecasting that prices go up further in October before falling quite significantly next spring, but again, I donвЂ™t have a crystal ball and these things are uncertain. вЂњThereвЂ™s global forces at play here that drive up gas prices at the moment and I donвЂ™t have a crystal ball,вЂќ he said. The Chancellor said there could be a further price hike later in the year due to вЂњunpredictableвЂќ energy market. Rishi Sunak announced a ВЈ9 billion package, including a one-off repayable ВЈ200 discount and a rebate on council tax bills, designed to вЂњtake the stingвЂќ out of rising bills.Д®nergy bills are set to soar by 54% for 22 million households from the beginning of April, adding ВЈ693 to the annual bills of a typical household, regulators confirmed earlier on Thursday. It came as the cost of living crisis was laid bare on Thursday by surging energy costs, while the Bank Bank of England also warned inflation would hit its highest point in more than three decades. The Chancellor has said he вЂњdoesnвЂ™t have a crystal ballвЂќ and warned households they will have to adjust to higher energy prices in the future after stepping in to partially offset a nearly ВЈ700 spike in energy bills.

Mac soared higher than my hopes for the future *ago