Will the government step in if energy bills soar?

The US-Israel war with Iran has led to a surge in oil prices - and that will inevitably impact on what we pay for gas and electricity.

So households across the country are wondering if and when the government might offer some support.

Speaking to the BBC, chancellor Rachel Reeves said it was “too early” to say exactly who would get help.

But she hinted that support could come later in the year, when gas usage increases.

Support won’t be universal

If any relief scheme is introduced, it’s unlikely to be available to everyone.

Instead, Reeves said the government is “looking at ways in which we can support people based on their household income”.

"I want to learn the lessons of the past because when Russia invaded Ukraine," the chancellor commented.

“The richest, the best-off third of households, got more than a third of the support. 

“That makes no sense at all."

What’s already being done to help with bills?

The government recently announced £53m in support to help vulnerable households struggling with rising heating oil costs.

Households will also benefit from the scrapping of various green levies that we pay through our energy bills, which has happened today.

Ministers believe this will take an average of £150 off the costs of household energy bills.

In addition, the domestic energy price cap won’t go up in April, despite recent increases in global oil prices.

Try our household bills calculator

If you’re worried about how rising costs could affect your finances, it could be worth trying our free and interactive household bills calculator.

It only takes a couple of minutes to use and shows how bills may change based on where you live.

Once you’ve done this, you can take the next step by using our handy budget planner to map out your monthly finances. 

It’s free and easy to use.

And if you’re struggling to keep up with household bills, remember that you might be entitled to some support.

We can check you’re getting all the benefits you’re eligible to claim with our benefits calculator.