UK Energy Bills to Fall by £129 Annually Starting July

The UK is experiencing a much-needed drop in energy bills, offering relief to millions of households struggling with the cost of living crisis. Ofgem, the energy regulator, announced a reduction in the price cap, resulting in an average annual saving of £129 per household starting in July. This marks the first decrease in energy costs in over a year. "Energy costs will fall for the first time in more than a year," reported a BBC News presenter. The reduction is attributed to decreasing wholesale energy prices, providing a glimmer of hope amidst ongoing economic uncertainty. This development is expected to significantly impact household budgets and contribute to easing the financial strain on families across the UK. The decrease is a significant step toward stabilizing energy costs and supporting the UK's economic recovery.