Ofgem has, as expected, raised the energy price cap from £1,971 to £3,549 a year, starting in October. They ominously add:

“Although Ofgem is not giving price cap projections for January because the market remains too volatile, the market for gas in Winter means that prices could get significantly worse through 2023.”

Ofgem chief Jonathan Brearley says “it’s clear the new Prime Minister will need to act further”.