The day that millions of households have been dreading has arrived, Ofgem has confirmed there will be a £693 rise to the energy price cap, taking the new threshold to £1,971, meaning an increase of 54 per cent. 

The chancellor, Rishi Sunak, has outlined support measures of a £200 discount on all electricity bills from October - which will later be repaid - and a £150 council tax rebate for those in bands A to D… but does it go far enough in terms of help?

It comes as the Bank of England announced that its benchmark interest rate will go up from 0.25 per cent to 0.5 per cent, making mortgages more expensive for many borrowers.

The Evening Standard’s Consumer Business Editor, Jonathan Prynn, walks us through how this will all impact the people of London. 

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