As feared, Ofgem has approved a sharp increase in the current price cap, from £1,971, for the average dual fuel tariff – an 80% increase. The move will deepen the UK’s cost of living crisis, with inflation already above 10%, and will increase pressure on the government to announce a new support package. Details and reactions follow… Updated 07.02 BST Important events BETA filters Key facts (9)Ofgem (11)UK (5)Liz Truss (4)Rishi Sunak (3)Jonathan Brearley (3) Jonathan Brearley also told Radio 4’s Today program that October’s price rise will be “devastating” for households and called for urgent and decisive action from the next PM: Jonathan Brearley, head of Ofgem, says the price rise will be “devastating” for families He warns that prices “look like they will continue to rise this winter” He says this is beyond the regulator’s ability to deal with – the next prime minister must act “urgently and decisively” — Steven Swinford (@Steven_Swinford) August 26, 2022 Ofgem boss Jonathan Brearley admits huge price cap hike ‘devastating’ for households “This is beyond the regulator’s ability to deal with – there are 10 days until we have new PM… the next prime minister will have to act urgently to deal with it” — Kate Ferguson (@kateferguson4) August 26, 2022...