Energy price hikes ‘will cause financial heartache’

Rises in the cost of energy supplies that are being introduced across the UK will cause financial difficulties for many British consumers, according to Moneyfacts.co.uk.

With millions of people already struggling to become debt free, the price comparison firm suggests that the added costs of securing energy supplies could pile on the agony for thousands of consumers.

Moneyfacts.co.uk has expressed particular concern that many of the UK’s pensioners will be unable to afford the inflated energy prices and has called on Ofgem to take action on the issue.

Andrew Hagger of Moneyfacts.co.uk explained: “Moneyfacts.co.uk has today written to ask Ofgem to step in and help the elderly and other low income groups by forcing gas and electricity suppliers to proactively switch these vulnerable people to cheaper ‘social’ tariffs rather than it being just an option.”

EDF Energy announced last week that it intended to increase the price of its gas and electricity for its two million or more customers around the UK.