News in Review Wednesday 31st August 2022 - DGS Chartered Financial Planners
News in Review Wednesday 31st August 2022

News in Review Wednesday 31st August 2022

Last Friday, Ofgem, the government regulator for the electricity and downstream natural gas markets in Great Britain, confirmed the energy price cap will increase from £1,971 to £3,549 a year from 1 October. An Ofgem press release justified the highly anticipated move stating, ‘The increase reflects the continued rise in global wholesale gas prices, which began to surge as the world unlocked from the COVID pandemic and have been driven still higher to record levels by Russia slowly switching off gas supplies to Europe.’