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Government energy price announcement eyed

UK
  • With little on the UK calendar today, we look for any potential political announcements regarding energy prices.
  • The Ofgem price cap is expected to be announced on Monday 7 February which is expected to see energy prices for consumer rise by about 50% in April.
  • Until now, consumers have largely been protected from substantial increases in global (and particularly European) energy price increases.
  • Media reports make it seem increasingly unlikely that the government will temporarily reduce VAT on energy bills (as had been previously mooted) and seem to be increasingly unlikely to provide any other subsidy to prices.
  • However, there are expectations that less wealthy households could be protected from the rise in prices from more targeted measures.
  • This will have much less impact on inflation - which is still expected to peak around April.
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