Since the UK has the highest electricity prices in the world, UK Labour has urged Prime Minister Rishi Sunak to abandon plans to raise the energy price cap.
Even though wholesale prices are falling, the energy cap increase, which is set to go into effect in April, will result in a typical dual user paying £500 more annually than the £2,500 they do now, Labour noted.
According to a study by the boiler manufacturer BOXT, the cost of electricity in Britain can reach 19.31p/kWh, with Ireland coming in second at 18.99p and Spain at 18.51p.
The research also revealed that Britain is only the 19th most expensive country for gas and over the last five years electricity has risen by 35% compared to Norway’s 91%.
Shadow Chancellor Rachel Reeves who addressed Congress on the price increase, said:
“On a week when temperatures fell below zero, many families and pensioners will be feeling the pressure acutely.
“At the same time, energy companies continue to enjoy record profits. That cannot be right.”
