Will the UK Government have spent more than £50 Bn (inflation-adjusted from sep 22) capping electricity bills by the next election?

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resolved Oct 15

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The next election has been and gone, and the cost of price capping was less than £50 billion. https://obr.uk/fer/forecast-evaluation-report-october-2023/#box-3.1 supports that FY2022-23 had a spend of around £40 billion, and FY2023-24 was <£10 billion as the price capping schemes only had a couple of months to run, and energy prices had moderated by that time anyway.

Forecast evaluation report – October 2023 - Office for Budget Responsibility

Our annual Forecast evaluation report (FER) examines how our forecasts compare to subsequent outturn data and identifies lessons for future forecasts. This report focuses on how our March 2021 and March 2022 economy and fiscal forecasts for 2022-23 fared against the outturns.

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