London (CNN Business) Britons were hit Friday by a huge rise in energy bills, compounding the country's worst cost-of-living crisis in decades. About 22 million households will see their annual bills soar to about £2,000 ($2,626) after the UK's energy regulator lifted its price cap by 54% — the biggest jump since it began limiting price increases in 2017. The cap sets a limit on the maximum price suppliers can charge per unit of energy. The increase will double the number of English households living in "fuel stress" — defined as those spending at least 10% of their total budgets on energy bills — to 5 million, according to the Resolution Foundation. "This is the biggest energy price shock in living memory," Adam Scorer, chief executive of National Energy Action, a fuel poverty charity, said in a statement on Thursday.

Source: CNN April 01, 2022 21:47 UTC