Chancellor Rachel Reeves is looking for ways to reduce energy bills for households with a VAT cut reportedly being in consideration for this year's Autumn Budget on November 26.

As it stands, VAT on domestic and most business energy is charged at a reduced rate of five per cent in the UK, with Treasury officials understood to be looking into axing this levy.

Concerns have been raised over rising energy bills following Ofgem's recent hike to the price cap.