In an interview with the
Sunday Telegraph, Ian McCaig, chief
executive of small gas and electricity supplier First
Utility, argues that energy bills could overtake
mortgage costs "over the next five to 10 years". The Sunday
Telegraph headlines the article "Energy bills 'could overtake
mortgages in five years'." It's a great headline, but is it
The article says:
"Analysis by First Utility shows that
UK dual-fuel bills have risen by an average of 8.5pc a year over
the last five years to reach current levels of £1,420.
"If they keep rising at the same
rate, then by 2025 they would reach £3,761 - higher than current
average annual mortgage repayments in places such as Stoke-on-Trent
and higher than average repayments in Liverpool by 2029."
There are two things to note here.
First, the projection cited in the Sunday Telegraph
refers to bills in 12 years' time, not five.