£300 a year cut in energy bills will be announced TODAY in a boost for Brits

SQUEEZED households will get some relief today as energy bills are expected to fall by almost £300 a year.

The financial boost comes amid fresh signals that Britain has already recovered from the mini-recession.

Energy regulator Ofgem is set to announce its latest price cap, with average bills expected to fall from £1,928 a year to £1,656 from April.

Analysts Cornwall Insight say this will remain the case for the rest of 2024, although the amount a home pays is determined by the amount of gas and electricity it uses.

Bills shot up from just over £1,000 to £2,500 last year after Russia’s invasion of Ukraine sparked a Euro energy crisis.

Some households will still pay more than they did then as the Government’s £500 support fund has been withdrawn.

The price cap adjustment includes an extra £16 to help large businesses cover bad debts from customers who have not paid.

Meanwhile, a closely watched economic survey yesterday showed business activity is growing.

Private companies’ production is reportedly at its highest level in nine months.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said this suggests “the UK recession is already over”.

Last week, figures showed the economy shrank for two quarters in a row, marking a technical recession.

But even the Bank of England’s usually gloomy governor, Andrew Bailey, claimed the economy was recovering.

And Mr Williamson said the recovery was driven by expectations of a rate cut, easing pressure on businesses and borrowers.