UK energy bills rising faster than almost everywhere else

Despite the country having some of the cheapest energy rates in Europe, prices have rocketed by 21% in just three years

The UK has some of the fastest rising energy prices in the world

The UK has some of the fastest rising energy prices in the world

According to the House of Commons Library, British homes have seen their energy bills rise faster than the vast majority of developed countries. An increase of 21% in three years is the equivalent of a £221 rise per year, for the average household.

The research was carried out using figures from the Department of Energy and Climate Change (DECC) and energy data collected by the EU and International Energy Agency.

Only Ireland has seen a greater increase in energy rates, with electricity prices jumping 24.7% in the past three years, compared to 23.5% in the UK.

In the same time frame, the UK’s gas prices have risen by 33.85. A figure which is in line with the highest increases across the globe.

Many countries have seen a fall in prices

According to the research, electricity prices in a number of countries have actually fallen. Examples include Norway and Hungary, where costs actually dropped by 16.5% and 17.7%.

This revelation certainly puts the UK’s relatively cheap energy prices into context. At present, countries such as Germany, Italy, Slovakia and Belgium all pay higher per unit energy rates.

However, if the UK’s energy prices continue to rise at current levels, British homes could well end up paying some of the highest rates in Europe.

Labour: British energy bills rising too fast

According to the Independent, Shadow Energy Secretary, Caroline Flint is expected to blast Prime Minister David Cameron for failing to keep energy bills in check during a speech planned for this week.

Flint is likely to state that bills have risen at four times the rate of wages and that Labour’s pledge to freeze energy bills will see households save £120 per year.

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