Household heating bills are to fall to their lowest level since the immediate aftermath of the Ukraine invasion after Ofgem cut the energy price cap by 7pc.

Ofgem has lowered the price cap – which sets the maximum price per unit energy supplier can charge – from £2,074 today to £1,923 from October. Those on prepayment meters will pay £1,949.

The cap, which signifies the average annual bill a consumer will pay, is now at its lowest level since April 2022.