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Rising energy prices ‘biggest threat’ to UK households

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UK consumers see rising energy prices as the ‘biggest threat' to their household finances over the coming year.

The rise in energy prices is the biggest threat to Brit’s standard of living over the coming year, according to recent findings from YouGov.

YouGov’s Household Economic Activity Tracker (HEAT) found that UK consumers are more worried about rising energy prices than they are about unemployment, inflation and taxes.

Those surveyed were asked to state what they expected would be the biggest threat and biggest benefit to their household’s standard of living over the coming year out of six economic measures: unemployment, energy prices, inflation, taxes, state benefits, and interest rates.

Joe Twyman, YouGov director of political and social research, said: “The UK’s consumers are aware that Britain’s major energy suppliers are all expected to raise prices over the next few months, and the results of our survey clearly indicate they are very concerned about the impact that change will have on their household’s finances.

“The degree to which consumers are worried about energy prices compared to things like unemployment is particularly interesting and is a reflection of the fact that the rise in energy prices this winter in something that is going to affect everyone.”

This comes as Sothern Energy increased its prices from today, with British Gas announcing last week that its customers will face a 6% energy price hike from November 16th.

Scottish power has also announced today that it will be increasing its prices by 7%.

The consensus among those surveyed was that rising energy prices would be the biggest threat to households’ economic well-being, followed closely unemployment and rising inflation.

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