Blog Business Entertainment Environment Health Latest News News Analysis Opinion Science Sports Technology World
UK Energy Bills Set to Rise By 40% in April As Shell Record Highest Ever Profits

Households will see an eye-watering 40% increase in gas and electricity bills this spring, whilst 

Shell, a major energy company, made £32.2bn in profits last year. 

Chancellor Jeremy Hunt announced he would not keep the Energy Price Guarantee at the current annual level of £2500, but increase it to £3000 in the March budget.

This 20% increase will be combined with an end to a £400 household subsidy started last October, bringing average costs up by 40%. 

This comes as many energy firms involved in the extraction of oil and gas report record-breaking profits, following Russia’s invasion of Ukraine.

Although oil and gas wholesale prices have been falling from their peak in the summer of 2022, the government has said shortfalls in expected tax receipts will make it impossible to keep the EPG the same.

In an interview with the Guardian newspaper, a Treasury source explained: “If the gas price spikes, the government will need to borrow billions of pounds more…Insulating every household – and on an open-ended basis – could have major implications for the public finances.”

The Labour party has opposed the increase, they are calling for an increase in the windfall tax, a tax on excessive profits by energy companies, to shield households 

Shadow Chancellor Rachel Reeves made a statement: “Millions of households are still looking at a 40% increase in their energy bills in April. And at the same time, energy companies continue to enjoy extraordinary record profits.”

Hunt said the poorest and most vulnerable will continue to receive support through government schemes, though critics point to the rise of people falling behind on payments already.


British Gas, an energy supplier, was investigated by journalists at The Times who discovered a debt collection agency was forcibly installing pay-as-you-go energy meters in people’s homes.

The revelation forced British Gas to suspend all new installations of meters.Households across the UK can expect to see a gradual fall in prices later in the year, as the fall in wholesale prices feeds through to the consumer, though this will still be 70% higher than in the winter of 2021/2022.

Share This Post On

Tags: #UK #costoflivingcrisis #Shell #Energycrisis #energypriceguarantee #energybills


Leave a comment

You need to login to leave a comment. Log-in is a Global Media House Initiative by Socialnetic Infotainment Private Limited.

TheSocialTalks was founded in 2020 as an alternative to mainstream media which is fraught with misinformation, disinformation and propaganda. We have a strong dedication to publishing authentic news that abides by the principles and ethics of journalism. We are an organisation driven by a passion for truth and justice in society.

Our team of journalists and editors from all over the world work relentlessly to deliver real stories affecting our society. To keep our operations running, We need sponsors and subscribers to our news portal. Kindly sponsor or subscribe to make it possible for us to give free access to our portal and it will help writers and our cause. It will go a long way in running our operations and publishing real news and stories about issues affecting us.

Your contributions help us to expand our organisation, making our news accessible to more everyone and deepening our impact on the media.

Support fearless and fair journalism today.