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Brexit Leading to Higher Energy Bills in Britain

Brexit Leading to Higher Energy Bills in Britain

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  11 Dec 2018 3:59 AM GMT

London: Consumers in Britain paid on average 75 pounds more for gas and electricity in the year after the referendum in which the majority supported the withdrawal of the UK from the European Union (EU), says a study.

Energy bills in the country increased overall by two billion pounds in 2017 due to the lower value of the pound relative to the euro and the US dollar, showed the findings by researchers from the University College London (UCL).

A hard Brexit could lead to a further average rise of 61 pounds per year in the event of a further devaluation of the sterling to pound-euro parity, according to the research. “We know that exchange rates fell after the EU referendum but we can now look at the effect this had on wholesale and consumer energy prices,” lead author Giorgio Castagneto Gissey said in a statement released by UCL on Sunday. (IANS)

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