Millions of people facing a spike in energy costs will find out shortly how much more they will have to pay.

Ofgem’s new price cap is likely to add hundreds of pounds onto the annual bill for 22 million homes – a key factor in the rising cost of living.

The regulator’s new cap for England, Wales and Scotland, to be announced at 11:00 GMT, will take effect in April.

Ministers are reported to have plans to provide loans for energy firms to help them cut money from customers’ bills.