Spring Budget: What it means for homeowners

17th March 2023

Whilst many were hoping for support for homebuyers, this wasn’t the case when Chancellor Jeremy Hunt announced the Spring Budget on Wednesday.

However, one of the key take aways for Homeowners is the extension of the Energy Price Guarantee where Government funding has been put in place to help protect people from high levels of energy bills. Under the Energy Price Guarantee, the Government sets maximum prices per unit of gas and electricity for households.

This Guarantee is only a temporary measure that caps household bills at £2,500 a year.

The government’s Energy Price Guarantee was due to be reduced in April 2023 by £500, however with the announcement of a 3-month extension this now won’t come into effect until July.

It is important to remember that you will always pay for the energy that you consume and with these figures based on a typical household and average usage you could be charged more than the cap depending on your circumstances, your personal usage and tariff.

Find out more about the Energy Price Guarantee on the Governments website: Energy Price Guarantee – GOV.UK (www.gov.uk)