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Ofgem Cuts Energy Cap; Budget Shifts Green Costs, Freezes Rail

5/20/2026

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Summary

Story summary

Ofgem reduced the energy price cap, cutting the typical annual dual-fuel bill to £1,641.
Inflation fell to 2.8% in April, a level that economists say could rise to about 4% by summer.
Chancellor Rachel Reeves said the November budget moved green-energy costs from bills to taxation and froze rail fares.
The Bank of England is expected to hold its rate at 3.75% at the June meeting to contain inflation.

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Story summary

Ofgem reduced the energy price cap, cutting the typical annual dual-fuel bill to £1,641.
Inflation fell to 2.8% in April, a level that economists say could rise to about 4% by summer.
Chancellor Rachel Reeves said the November budget moved green-energy costs from bills to taxation and froze rail fares.
The Bank of England is expected to hold its rate at 3.75% at the June meeting to contain inflation.