NEW research suggests energy bills will rise 14 times faster than wages this year.

It comes ahead of the increased price cap in April which will see energy prices will rise by £693 a year for millions of households after regulator Ofgem hiked the price cap on bills to £1,971.

The TUC said its analysis showed that gas and electricity bills are on course to increase by 54% when the price cap set by Ofgem changes in April, but average weekly wages will go up by 3.75 per cent.

The union organisation estimated that record high energy prices could wipe out the entire value of pay rises this year.

The TUC says those on low incomes will be hit hardest by sky-rocketing bills, as years of weak wage growth and benefit cuts have left working families “badly exposed” to the cost of living crisis.

War in Ukraine set to see energy costs rise even further

On top of the price cap increase, the war in Ukraine is set to see energy costs rise even further with the government urged to provide further support to struggling families.

TUC general secretary Frances O’Grady said: “Years of wage stagnation and cuts to social security have left millions badly exposed to sky-high bills.

“With households across Britain pushed to the brink, the Government must do far more to help workers with crippling energy costs.

“That means imposing a windfall tax on oil and gas profits and using the money raised to give hard-pressed families energy grants, not loans.

“It means a real increase to universal credit to stop low-income workers from being pushed into poverty.

“That’s the fastest way to get support to families who need it, and it means coming up with a long-term plan to get wages rising across the economy.”