What you need to know as Rachel Reeves announces energy bills to be cut by £150 next year

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Everything you need to know about £150 energy bill reduction:

The Chancellor said she was taking action to get energy bills down and cut the cost of living i n the Autumn Budget. Rachel Reeves announced that households across the UK will see an average of £150 cut from the average energy bill from next year.

Ms Reeves explained that she would do this by ditching the ECO (Energy Company Obligation) scheme introduced by the Tories in government, which she claimed had cost UK households £1.7 billion a year on their bills. The current four-year scheme expires in March 2026.

Documents from the Office for Budget Responsibility also show another levy from the renewables obligation will be partly removed, temporarily. It currently adds around £90 to the average annual gas and el