Featured Image Credit: Getty Stock Images
Topics: UK News, Money, Cost of Living
Anish Vij
The average Brit will be financially worse off from next week onwards as the cost-of-living crisis doesn't seem to be easing up.
Almost all of your household bills, from gas and electric to council tax and water bills, will be increasing next month. And some homes will be paying hundreds of pounds more a year due to the energy price cap, which comes into place on 1 April.
Sadly, this hasn't got anything to do with April fools.
Ofgem have put the price cap up at £1,849 a year, which is a 6.4 percent increase.
This means that the average household's gas and electricity bill will go up £111 a year, or £9.25 a month.
Advert
"We know that no price rise is ever welcome, and that the cost of energy remains a huge challenge for many households," Ofgem chief executive Jonathan Brearley said.
"But our reliance on international gas markets leads to volatile wholesale prices, and continues to drive up bills.
"Energy debts that began during the energy crisis have reached record levels and without intervention will continue to grow. This puts families under huge stress and increases costs for all customers."
From 1 April, water bills are set to increase, on average, by £11 a month.
Advert
This comes after Ofwat's price review, marking the first stage of a 36 percent increase in bills over the next five years.
The £104 billion increase, according to the regulator, will allow the water sector to deliver 'substantial, lasting, improvements for customers and the environment'.
Although the figures will depend on your region and water company, as Southern Water customers will experience the biggest bill rise, a wince-inducing 47 percent bump.
The average council tax fee will increase by £108, as bills are set to go up by a maximum of 4.99 percent.
Advert
This is a compulsory charge for properties in England, Scotland and Wales. It pays to fund local services such as rubbish collection, street lighting, police and fire services, and care services.
So the annual cost of a standard colour TV licence will rise to £174.50 from 1 April, which happens to be an increase of £5 on the current price of £169.50 a year.
However, if your renewal is on or before 31 March (tomorrow), you'll pay the current price for next year's licence. But you'll need to pay the higher price if your renewal is on or after 1 April.
Martin Lewis' Money Saving Expert website has explained whether or not you need to pay for the fee.