From 1 April, the levels of the default tariff price cap will increase by £117 and pre-payment meter cap by £106 to reflect higher costs, Ofgem has announced.

Of that increase, £74 is related to wholesale price increases and £43 for networks and policy.

The ‘big six’ suppliers all reacted with price rises of around 10% that will take effect from 1 April.

Ofgem will next reset the level of the cap in A