It has been confirmed this afternoon that the UK's energy price cap is set to rise again in October by nearly £1,000.
Speaking to the Business, Energy and Industrial Strategy Committee this afternoon, Ofgem's chief executive, Jonathan Brearley, said that the regulator anticipates the new price cap this October will be "in the region of £2,800".
He added that costs are currently rising at a "once in a generation" rate "not seen since the 1970s", and that this issue is something that only the government could address.
The regulator revealed the hike in prices this afternoon, as its chief executive suggested that "it's quite possible this [price cap] could go higher", telling the Committee: "The volatility in the gas market is huge."
Currently, the energy price cap sits at £1,971 - having increased by over 50% in April, reports The Manc.
That means that, within the space of six months, the regulator's energy price cap in the UK will have risen by £1,512.
Currently, here in the UK, there are nearly 6.5 million people living in poverty. However, Ofgem is now warning the government that this could well double in October when the price cap goes up again.
With UK inflation at the highest it has been in 40 years, many struggling households are also seeing price rises at fuel pumps and in the supermarket.
National Insurance tax has just been increased by the Chancellor in his spring budget, too, meaning that people are taking home less money as prices soar.
Soaring energy bills are considered to be the biggest inflation driver in the UK right now, and there is increasing pressure on the government to do more to help families and children who are slipping into poverty as a result of the cost of living emergency.
Whilst the government has said it is willing to support people, it is yet to deliver any solutions - such as introducing a Windfall Tax on energy companies or restoring the £20 a week Universal Credit uplift to help the country's worst off.
Labour has called the price cap news 'extremely concerning', adding that it "will cause huge worry for families already facing soaring bills and rising inflation".
Shadow Chancellor Rachel Reeves said: “How many more alarm bells does the chancellor need to hear before he acts? The government have got to get a grip on this crisis and to protect families and our economy.
“Yet again, Labour calls urgently on the government to bring forward an emergency budget, with a windfall tax on oil and gas producer profits to lower bills for families.”
Boris Johnson's spokesperson maintained that the government is already offering help which will be 'phased throughout the year'.
They said: "Some of the support is designed to come in in October, £200 will be discounted from energy bills, the warm home discount will increase to £150 and be expanded to cover three million people, cold weather payments and winter fuel payments will be available again," the spokesman said."
Feature image - RawPixel
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TV presenter’s rant pointing out double-standard over Sheffield Wednesday punishment goes viral
A TV presenter and Sheffield Wednesday supporter's speech about the perceived double standard concerning another pending points deduction at her club compared to the punishment of Premier League clubs is trending online.
Many believe she's pretty bang on the money, to be fair.
Wednesdayite Sophy Ridge, who hosts a regular Sky News show with fellow presenter Wilfred Frost, recently took the opportunity to indulge in some understandable fan frustration during a show this week.
Admittedly, getting on her soapbox a bit - and for good reason - the Richmond-born Owls fan simply shed light on the contradictory nature of Sheffield Wednesday's penalty set for the next season over financial violations when compared to top-flight offenders.
Went on a bit of a rant on telly comparing how Chelsea & Sheffield Wednesday have been dealt with#swfc
Citing both Manchester City (with their estimated 115-130 charges still no closer to being resolved) and now Chelsea as being the most recently accused of breaking regulations, she argued that there's a significant difference between penalties teams are being slapped with - or in some cases, still avoiding.
For instance, while the Man City saga first broke back in February 2023 and relates to alleged breaches dating all the way back to 2009, they are yet to be confirmed as guilty, at least not in any public announcement.
As for the West London club, Chelsea have only just been hit with a fine, albeit a Premier League record sum of approximately £10.75 million, as well as a 12-month transfer ban, though it has already been suspended for two years.
This is due to them having made undisclosed payments to agents, players and various other individuals during the Roman Abramovich ownership era.
Meanwhile, for anyone who hasn't been following the huge furore among the long-suffering Sheffield fanbase, Wednesday fans, players, and footballing staff are the ones being penalised for what many believe is nothing more than 'improper' and 'irresponsible' management of the club at an executive level.
For context, they are currently set to start the next 2026/27 campaign in the EFL's third tier with a 15-point handicap, which could very well spell yet another disaster year, with Ridge adding: "How attractive is that [a club sale] going to be for an owner that might be looking at back-to-back relegations?"
Sadly, it seems that its matchgoers and other die-hards are the ones set to pay the price this time, as they often have been; according to the sports journalist, that's often the case further down the pyramid.
For instance, Todd Boehly's Chelsea organisation seem to have been let off the hook regarding any setback in the standings due to their cooperation with the profit and sustainability (PSR) investigation, and because their offence pre-dates the modern PSR guidelines era.
In fact, Chelsea were actually said to have voluntarilyreported themselves regarding historic offences within youth football, which also seems to have afforded them some leniency.
Put simply, she believes it's unfair for the soon-to-be League One side to face such harsh terms and a fee just a few million shy of the figure they've been told they 'must' pay outgoing owners, Dejphon Chansiri, while Chelsea face "no sanctions despite the fact this [illegal spending] clearly would have given them a sporting advantage" in the past.
What do you make of the whole saga, and do you think there's a difference in how so-called 'bigger' clubs are treated compared to those in lower divisions?
Featured Images — Sky News (screenshot)/Daniel Bagshaw (via Wikimedia Commons)
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Sheffield Wednesday could be set for a starting points deduction next season
Danny Jones
In gutting news for the Owls, the already struggling Sheffield Wednesday FC have been informed that they could very well be starting next season with an immediate points deduction.
From bad to worse, it seems, at the moment.
Wednesdayites have been through it all over the past few years, with unpaid debts and salaries resulting in administration, sparking protests; now relegation to the third tier and the threat of complete collapse.
And as if things weren't hard enough already, Sheffield Wednesday have now been told that they will automatically be deducted 15 points from the beginning of the 2026/67 League One campaign if creditors aren't paid in full - starting with outgoing and controversial owner, Dejphon Chansiri...
BREAKING: Sheffield Wednesday look set to start life in League One next season with a 15-point deduction, because none of the bidders currently trying to buy the club is prepared to pay £15m to the outgoing owner, Dejphon Chansiri. pic.twitter.com/UoAgIMsB4p
Chansiri has loaned over £60 million to the organisation during more than 11 years in charge, but because this money was never converted into share capital, he is the entity that the club owes the biggest amount to.
Addressing supporters in a statement back in September 2023, the 57-year-old member of the millionaire family that controls the Thai Union Group, wrote: "I will not inject any more money into the club if I am being treated unfairly.
"Those fans who create trouble [for] the club and me, and believe that they are the real owner of the club, need to be responsible for the financial matters of the club from now on."
It's fair to say that relations with the fans have far from improved since then, and they've been left even more furious following this most recent development.
At present, Chansiri must be paid at least £15m (effectively almost half of the entire organisation's total purchase price at current valuation), but none of the interested bidders has ultimately been willing to do so thus far.
However, the Arise Capital Partners LLC consortium - led by David Storch and son Michael, as well as Tom Costin - has been identified as the 'preferred' party to complete a buyout.
Newcastle United Mike Ashley was also said to be in the running to take over the club, but ultimately was unprepared to settle this fee with Chansiri, and there remain doubts over whether or not Storch is willing to either.
As for the loyal Hillsborough matchgoers, they have accused the EFL of punishing them and the club rather than the ownership and wider executive board, who have overseen this turbulent period for the historic local institution.
One person wrote underneath the post in social media: "So a club gets penalised because their owner is a piece of shit, but Man City and others just get away with it, makes sense"; many others have simply added that the pending treatment is "unfair" and targets the wrong people. What do you make of it all?
Elsewhere in the Steel City, fresh hope and a new chapter are coming to the world's oldest football club as native musician Jon McClure has been confirmed as the new chairman. Find out more down below.
Georgina Pellant -
24th May 2022 
