Households on the energy price cap will see a 7% reduction in their average annual payments from 1 July, the industry regulator has announced while urging households to seek out the “better deals out there”.

The default cap – which is reviewed every three months – will see a typical household using gas and electricity and paying by Direct Debit stump up an average annual £1,720, Ofgem said.

That is down from the current April-June figure of £1,849 and reflects a reduction in wholesale gas prices.

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The lower cap, however, will be £152 higher than the same three-month period last year.

It does not affect the millions of households to have taken a time-limited fixed deal.

Nevertheless, it represents some relief for families grappling with the cost of living aftershock that saw many essential bills rise by well above the rate of inflation last month.

Ofgem also confirmed further bill savings through a £19 average cut, from July, in standing charges for households paying by both direct debit and prepayment, following an operating cost and debt allowances review.

The price cap does not limit total bills because householders still pay for the amount of energy they consume.

The watchdog’s announcements were made just days after fresh forecasts suggested that bills linked to the cap could come down further from both October and January, given recent wholesale market price trends.

Industry data specialist Cornwall Insight estimated on Friday that the price cap was currently on course to rise only slightly in October – by less than £1 a month.

Wholesale gas costs last winter had been relatively stable until a cold snap hit much of Europe in January and early February, driving up demand at a time of weaker stocks.

Other risk factors ahead include extended EU gas storage rules and global conflicts, not least the continuing Russia-Ukraine war that sparked the 2022 energy price spike and cost of living crisis in the first place.

Tim Jarvis, director general of markets at Ofgem, said: “A fall in the price cap will be welcome news for consumers, and reflects a reduction in the international price of wholesale gas. However, we’re acutely aware that prices remain high, and some continue to struggle with the cost of energy.

“The first thing I want to remind people is that you don’t have to pay the price cap – there are better deals out there, so it’s important to shop around, and talk to your existing supplier about the best deal they can offer you. And changing your payment method to direct debit or smart pay as you go can save you up to £136.”

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Ofgem said that a minority of homes, 35%, were on a fixed rate deal.

Price comparison sites lined up after the price cap announcement to urge households still on the default tariff to investigate a switch.

Tom Lyon, director at Compare the Market said: “If anyone is worried about potentially higher energy bills later this year, they could consider locking in a fixed rate deal now.

“Fixed rate deals also protect you from price hikes if the oil and gas markets are volatile. Beyond your energy bills, it’s important to search and compare other household bills, such as your car insurance, credit cards, or broadband, to see if you can make savings.”

A £500m deal to end the two-year ownership impasse at the Daily Telegraph has been agreed “in principle”, it has been announced.

A consortium led by US firm Redbird Capital was set to take control of Telegraph Media Group (TMG), with state-backed Abu Dhabi investment vehicle IMI among the investors.

The pair’s original joint venture, known as RedBird IMI, had originally agreed to buy the Telegraph titles in 2023.

But prospects for a deal were held up by the previous Conservative government’s subsequent ban on foreign state ownership of UK newspapers.

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The row centred on the involvement of IMI’s owner Sheikh Mansour bin Zayed Al Nahyan, who is the owner of Manchester City FC but also the vice president of the United Arab Emirates.

The ban was based on fears around editorial independence.

However, the rules were relaxed earlier this month by the current government, which said a foreign state-controlled holding of up to 15% was acceptable.

It is understood that UK-based media investors are among the proposed owners within the consortium.

Sky News reported on Monday that the Daily Mail’s owner had been in talks over involvement.

The Telegraph newspaper itself reported that regulatory hurdles remained – a factor that could yet scupper completion of the deal.

Anna Jones, TMG chief executive, said: “Telegraph Media Group is an award-winning news media organisation, with exceptional journalism at its heart, supported by leading commercial expertise, a commitment to innovation and a laser focus on data to drive strategy.

“RedBird Capital Partners have exciting growth plans that build on our success – and will unlock our full potential across the breadth of our business.”

RedBird, whose other UK interests include a 10% stake in the US group behind Liverpool FC, said its growth strategy would include “capital investment in digital operations, subscriptions and journalism”.

Its statement continued: “RedBird will build on the strong financial foundations established by the current management team and will work with them to grow the brand internationally, with a focus on the United States where RedBird has a strong strategic presence across news, media and sports.

“Together, RedBird and TMG senior leadership will work to develop new content verticals in areas such as travel and events to maximise the commercial opportunities from a growing international and mass affluent subscriber base.”

Redbird founder Gerry Cardinale added: “This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base.

“We believe that the UK is a great place to invest, and this acquisition is an important part of RedBird’s growing portfolio of media and entertainment companies in the UK.”

Donald Trump hosted a dinner for investors in his meme coin on Thursday, as critics warned the US president was putting personal profit first.

Some 220 of the biggest investors in the $TRUMP meme coin descended on the exclusive dinner at Mr Trump’s private country club in Northern Virginia.

As the US president arrived, more than a hundred protesters at the Trump National Golf Club held signs that included “America is not for sale”, “stop crypto corruption” and “release the list”.

Massachusetts senator Elizabeth Warren described the dinner, where the US president spoke for about half an hour before dancing to the song YMCA, as an “orgy of corruption”.

Access to the dinner, and the president, was earned by purchasing enough of his $TRUMP meme coin to secure a seat.

The White House insisted Mr Trump would attend the event “in his personal time”, but the lectern he stood behind had the presidential seal.

NBC News reported that during his remarks, Mr Trump did not unveil any new crypto policies but spoke in support of a potential bitcoin reserve and then left promptly afterward.

In total, investors spent an estimated $148m (£110m), with the top 25 holders of the coin spending more than $111m (£82.56m), according to crypto intelligence firm Inca Digital.

A company controlled by the Trump family, and a second firm, hold 80% of the remaining $TRUMP coins and have so far earned $320.19m (£238.14m), including at least $1.35m (£1m) after the dinner announcement, according to blockchain analytics firm Chainalysis.

‘Trump a very successful businessman,’ says White House

According to blockchain analysis, more than half of the 220 holders who attended the black-tie event are likely based outside the US.

This has led to claims the US president has auctioned off access to himself to foreign investors for personal gain.

In response to criticisms about Mr Trump using his office to enrich himself from the meme coin, White House press secretary Karoline Leavitt said: “All of the president’s assets are in a blind trust, which is managed by his children.

“And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country.”

Who was on the guest list?

One of those attending was China-born crypto entrepreneur and billionaire Justin Sun.

He won first place in the dinner contest with his $18.5m (£13.76m) wallet of the Trump meme coin and is the largest publicly known investor in the family’s crypto platform – which has made them hundreds of millions of dollars.

Mr Sun posted videos of himself visiting parts of the White House complex on Wednesday, and on Thursday of Mr Trump at the dinner event.

In February, the US Securities and Exchange Commission paused a 2023 fraud case against him, citing public interest.

However, the identities of the majority of the coin holders attending the event remain unknown.

Of those going, one was simply known as Ogle, a crypto security specialist who appears in video interviews with his face covered by a bandana and sunglasses.

He says this is to protect his identity.

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Even some pro-Trump crypto voices worried his personal involvement may hurt efforts to establish credibility.

“It’s distasteful and an unnecessary distraction,” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures.

“We would much rather that he passes common sense legislation and leave it at that.”

The event was capped off with an after-party, called “Meme The Night,” thrown by a Singapore-based meme-coin engagement company called MemeCore.