Energy price rise live updates with Ofgem and Rishi Sunak to give major announcements

Millions of people are braced for a steep rise in energy costs to be announced today (Thursday, February 3).

The cost of living crisis will deepen with energy regulator Ofgem expected to say at 11am that the energy price cap is to rise by 50 per cent due to the soaring price of wholesale gas prices.

The average bill could hit £1,915 and the average household could see a £600 increase on their energy bill.

Chancellor Rishi Sunak will give a major announcement at 5pm on how he plans to tackle soaring energy bills - amid reports millions will get a council tax rebate.

The Times reports that Mr Sunak will give households in Council Tax bands A to C rebates funded by Government grants, targeting the poorest households.

As well as soaring energy and food prices, interest rates could be increased by the Bank of England to tackle rising prices - hitting mortgages - and National Insurance is set to be increased by 1.25 per cent in April.

We'll bring you the latest in the blog below.