UK minister presses energy suppliers over household debts ahead of £2.5bn write-off plan

■ Steady

UK ministers press energy firms on household debt after Bank of England raises rate to 4%

On Friday morning an energy minister summoned the bosses of Great Britain's biggest suppliers to a roundtable and told them to do more to help households with unpaid bills this winter. The government plans to spend almost £2.5bn to pay down the energy debts of about 2.4m of the hardest-hit households. On Thursday the Bank of England raised its base rate from 3.75% to 4%, its first increase since August 2023.

• The Bank of England's MPC lifted the base rate to 4% on Thursday to curb rising inflation as the Iran war keeps pushing up energy costs.
• The government plans almost £2.5bn to pay down energy debts for about 2.4m households.
• On Wednesday sterling reached its highest level against a basket of currencies since the Brexit referendum a decade ago.