Legal and General’s CEO Nigel Wilson described the UK’s cost-of-living crisis as “a tragedy for many, many people” as rent and energy bills skyrocket.
The price cap, which is set by regulator Ofgem, was at £1,400 per year in October 2021.
"The cost-of-living crisis was already top of the news agenda as more and more people face fuel poverty, this will only compound the concerns," he added. "A tsunami of fuel poverty will hit the country this winter and these latest estimates further demonstrate that the level of support already promised by the government is just a drop in the ocean," said Simon Francis, co-ordinator of the End Fuel Poverty Coalition.
Prime Minister Boris Johnson has no short-term plans to act on the cost-of-living crisis, saying it is up to his successor to make those decisions, according to a spokesperson.