Pensioners set to ‘suffer most’ as energy price cap set at £3,280

Today, Ofgem, the energy regulator, announced a new price cap: the amount suppliers can charge households for energy. The cap has been cut by the regulator, however, bills are still set to rise in April as help from the Government is scaled back.

It means millions of Britons will see more money leaving their bank accounts to cover the cost of energy in their home.

For older people on limited incomes, this continues to be a pressing concern, especially as these individuals may need to heat their homes more.

The energy cap rise from April means the average household is set to face a further increase in bills of £500.

One campaign group has argued this, coupled with the withdrawal of universal support, places the focus on the state pension.

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With Pension Credit recipients set to get a further £900 per household, Silver Voices has said the so-called cliff edge will be “accentuated” for those who have a modest private pension or small savings.

Mr Reed added: “We urge the Chancellor in his March Budget, to start the process of bringing the state pension up to the levels enjoyed in most other developed countries, at around two thirds of annual earnings rather than the current one third in the UK.

“Inadequate one-off bail-outs are not the solution to the cost of living crisis.

“Britain’s senior citizens deserve better than this.”

Express.co.uk has contacted the Department for Work and Pensions (DWP) for comment.