SQUEEZED households will today receive some relief as energy bills are expected to fall by nearly £300 a year.
The financial boost comes amid fresh signs the UK has already bounced back from its mini-recession.
GettyEnergy bills are expected to fall by nearly £300 a year from April[/caption]
Energy regulator Ofgem is set to release its latest price cap, with average bills expected to go down from £1,928 a year to £1,656 from April.
Analysts Cornwall Insight say they will stay that way for the rest of 2024, though the sum a home pays is determined by how much gas and electricity it uses.
Bills rocketed from just above £1,000 to £2,500 last year after Russia’s invasion of Ukraine sparked a Euro energy crisis.
Some households will still pay more than they did then as the Government’s £500 support fund has been withdrawn.
The price cap adjustment will include an extra £16 to help big firms cover bad debts from customers who have not paid.
Meanwhile, a closely watched economic survey yesterday revealed business activity is powering ahead.
Private company output is said to be at its highest level in nine months.
Chris Williamson, chief business economist at S&P Global Market Intelligence, said that it suggested “the UK’s recession is already over”.
Last week, figures showed the economy shrunk for two quarters in a row, marking a technical recession.
However, even usually gloomy Bank of England governor Andrew Bailey claimed the economy was recovering.
And Mr Williamson said that the pick-up was driven by expectations of an interest rate cut, relieving pressure on businesses and borrowers.