Cost of Living payment LATEST: Energy bills could hit £4,347 a YEAR after Chancellor statement; plus money-saving tips

ENERGY BILLS could hit a staggering £4,347 a year in April after Jeremy Hunt’s U-turn statement yesterday.

On Monday, Chancellor Jeremy Hunt said that the energy price guarantee, which limits average bills to £2,500, will come to an end in the spring.

Energy bills were initially set to be frozen for the typical household for two years amid the cost of living crisis, but this policy will now end in April after U-turning on Liz Truss‘ disastrous mini-budget.

The cap for April has not yet been set by regulator Ofgem amid uncertainty about what will happen to the wholesale cost of gas.

Consultancy firm Auxilione forecasts average bills could hit £5,078 and RBC Capital Markets predicts £4,684 a year, The Times reports.

Read our cost of living live blog below for the latest updates….