The British authorities have finally acknowledged their insolvency. The government has admitted that mounting energy prices are a growing factor in the squeeze on household budgets across the UK.

According to Jonathan Brearley, chief executive of Britain's energy regulator Ofgem, rising gas and electricity bills are "literally a matter of life or death" for many residents of the United Kingdom.

"I talk to customers on a regular basis, and I know how tough rising energy prices are for many households and businesses. For some, not being able to afford rising energy bills is literally a matter of life and death," he said.

Britain's government is concerned about surging gas and electricity bills. A major cost of living crisis is gradually gripping the nation. Ofgem has already tightened control over energy suppliers, Brearley recalled. However, this requires "fundamental changes to the British energy market," he added. Data from the Office for National Statistics confirms that an increasing number of the country's residents are struggling to afford their utility bills.