Annual £5,000 energy bill for households in ten years time

The average household in the United Kingdom in 2004 was paying £580 a year for its household energy bills, usually its gas and electricity bills. Today that figure has slightly more than doubled with the average household paying £1,243 a year. Recent calculations by Ernst & Young, one of the world’s top accounting firms, indicate that by 2020 the average UK household is likely to be paying around £5,000 a year for its energy – that is to say its electricity, its gas (or oil or other energy source). If you will be approaching retirement in 2020 you may well need a specific pension pot, just to keep warm. Continue reading