The UK's energy bills are set to jump 80% to an average of 3,549 pounds ($4,188) per year from October, according to British energy regulator Ofgem, which has described the situation as a crisis.

Hundreds of Britons have protested outside the headquarters of Gas and Electricity Markets (Ofgem) in London over “astronomical” energy price hikes.​​​​​​

Britain has announced a whopping 80-percent hike in electricity and gas bills, bearing testimony to the country's worsening cost-of-living crisis.

The Scottish government’s energy secretary says there is a “real risk that lives could be lost” as a result of soaring energy prices.

The BoE has doubled the interest rates in an attempt to tackle the soaring inflation in the country.

Millions of UK households are set to experience a sharp rise of more than 50 percent in their gas and electricity bills in April, after energy regulator announced a record-breaking increase to its price cap.

A leading UK-based gas and electricity company says the county’s energy market could see the bankruptcy of at least 20 suppliers in the next month alone.