Typical energy bill in Great Britain to fall 7% to £1,720 a year from July

Regulator Ofgem cuts price cap on gas and electricity charges after slump in gas market prices across Europe

Energy costs will fall for millions of British households this summer after the industry watchdog cut the price cap for a typical annual dual-fuel bill by 7% to 1,720.

The energy regulator for Great Britain, Ofgem, said the cap on gas and electricity charges would fall from July by the equivalent of 129 a year for the average home after a sharp slump in Europe's gas market prices.