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Business Energy rates expected to rise by 5% next year

Domestic and business energy prices are expected to increase next year, the Bank of England has warned.

Taking into consideration inflation, the central bank predicted that gas prices would rise by five per cent or more in early 2011, putting further pressure on homes and businesses, reports the Press Association.

The price hike is also being attributed to a rise in wholesale gas prices, which energy suppliers will be under pressure to pass on to customers