Your July 2024 newsletter

July will mark the start of a new parliamentary year, with a possible new party elected.

With the general election on the 4 July, the King’s Speech on the 17 July and new energy price caps being introduced, here is everything you need to be aware of this month.

Energy Price Caps introduced

Ofgem announced a cap on gas and electricity bills starting on the 1 July and will run until 30 September.

The cap will limit the maximum price of the gas and electricity units, rather than the total bill price. There will be a 7%, or £122 a year, reduction in comparison to the last price cap.

With these caps introduced, a dual-fuel household paying direct debit, average energy bills in England, Wales and Scotland will become approximately £1,568 a year.

The King’s Speech

Following the General Election, parliament has been called to meet on Tuesday 9 July, where new MPs will be sworn in.

On Wednesday 17 July, King Charles will host a speech in the House of Lords and start the State Opening of Parliament.

During the speech, we will be told about any proposed laws and announcements the government plans to focus on in the upcoming months. The House of Commons will also meet on this day to begin debating the contents of the King’s Speech.

The Revive Property Team