UK energy price cap rises to £1,723 as Ofgem increases bills by 4%

Ofgem's quarterly price cap rose to £1,723 on Thursday, adding about £60 to annual bills for 22 million households.

• Ofgem's energy price cap rose to £1,723 on 1 October, a £60 annual increase affecting about 22 million households on default tariffs.
• The regulator said the increase was driven largely by higher wholesale gas prices linked to conflict in the Middle East.
• Chancellor John Healey warned the government had limited resources to cushion economic shocks in next month's budget.
• Energy secretary Miatta Fahnbulleh said the VAT cut on electricity bills would make the cap £45 a year lower.