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Energy bill help to be cut from April, says Jeremy Hunt Energy bill help to be scaled back from April, says Jeremy Hunt
(33 minutes later)
A scheme to cap all typical household energy bills at £2,500 will be cut from April as the government looks to save money, the new chancellor has said. A scheme to cap all household energy bills for two years will be cut from April as the government looks to save money, the new chancellor has said.
Jeremy Hunt said the support would be reviewed so it cost taxpayers "significantly less than planned". Jeremy Hunt said the support - which limited a typical household bill to £2,500 - would be reviewed so it cost "significantly less than planned".
However, he said the government would still ensure there was "enough support for those in need". There was concern the help, announced last month, was not targeted to support the most vulnerable people.
It comes as energy bills have soared as Russia's invasion of Ukraine drives up wholesale gas prices around the world. The surprise move comes as bills have soared since Russia invaded Ukraine.
Mr Hunt said he had agreed with Prime Minister Liz Truss that it would be" irresponsible for the government to continue exposing the public finances to unlimited volatility in international gas prices". But Mr Hunt said that it would be" irresponsible for the government to continue exposing the public finances to unlimited volatility in international gas prices".
Under the Energy Price Guarantee, Ms Truss's government had capped all household energy bills for two year from 1 October in a bid to prevent millions from facing hardship this winter.
The energy price cap - the highest amount suppliers are allowed to charge households for every unit of energy they use - had been due to rise to £3,549 for a typical household from October.
Help for business will also be reviewed, but Mr Hunt said he would ensure there was "enough support for those in need".