![]() Tuesday’s figures also showed that interest payments on government debt in February fell by £1.3bn year on year to £6.9bn. Hunt’s widely anticipated U-turn means the average household bill will not increase from the current ceiling of £2,500 to £3,000 a year from 1 April as previously planned but will stay at £2,500 until the end of June. In the spring budget last week, the chancellor announced that the government’s energy support for households would continue at its current level for another three months. “What will bring these costs right down is lower inflation, which is why it remains one of our top priorities to halve it this year, alongside growing our economy and reducing debt.” ![]() Responding to the ONS figures, Jeremy Hunt said: “Borrowing is still high because we’re determined to support households and businesses with rising prices and are spending about £1,500 per household to pay just under half of people’s energy bills this winter. Ruth Gregory, the deputy chief UK economist at Capital Economics, said: “The big risk is that a further escalation in the banking crisis causes a deterioration in the fiscal outlook as the hit to the public finances from weaker economic growth is only partially cushioned by lower gilt yields.” ![]() The government raised £1bn from the new windfall tax on energy companies, the figures showed.
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