British households will be on average £2,320 worse off this year as wages fail to keep pace with rising energy and fuel costs, representing the biggest fall in living standards since records began.
That is the conclusion of the Centre for Economics and Business Research (CEBR), which said that the increase in the energy price cap by Ofgem means the average household will pay 54 per cent more for their energy bills than six months ago and 73 per cent more than a year ago. That increase will drive a 3 per cent fall in real disposable incomes this year, the CEBR says, equivalent to a £2,320 hit per household.