The increasing demand in China and a “long cold winter” across Eurasia are among the factors that caused the energy price hike in the UK, the British finance minister said on Thursday. Chancellor of the Exchequer Rishi Sunak said “the steep rise in demand for gas in places such as China” has pushed up global prices, and the cold winter across Europe and Asia meant gas storage is now “lower than usual.” In the wake of the government’s £9 billion ($12.19 billion) package announcement to try and ease cost-of-living expenses, Sunak said the financial squeeze on households in the months ahead could not be underestimated. The UK’s energy regulator said on Thursday that it will raise the cap on energy price by a record 54 percent in April, adding between £693 ($938) and £708 ($958.7) to an average annual bill. The price increase comes into effect on the same day with a …