five million homes they will be forced to spend at least a tenth of their budget in energy bills after the biggest price increase since records began took effect on Friday.
Bills will rise by an average of £693 a year at the cost of those with default rates after Ofgem’s price cap was removed by 54 per cent.
The price increases will double the number of households in “fuel stress,” a term for those who spend 10 percent or more of their income after housing costs on energy bills, overnight from 2.5 to 5 million in England alone, according to the Resolution Foundation. group of experts
Several power company websites crashed Thursday as customers rushed to take meter readings to prevent companies from allocating current usage to April, when rates will rise.
Just Stop Oil: Protesters blockade seven oil terminals, forcing Exxon Mobil UK to suspend operations
Protesters from climate group Just Stop Petroleum have blocked several “key oil” terminals across the UK, forcing Exxon Mobil, one of the country’s largest privately owned underground pipeline distribution networks, to temporarily suspend operations at some of its sites.
The oil giant confirmed that “small protests” were taking place at its Hythe, Birmingham and West London fuel terminals.
Sites in Essex and Hertfordshire are also affected and Essex Police said six people had been arrested.
Read the breaking news here:
holly bancroft1 April 2022 07:41
Five million households face energy budget crisis as bills skyrocket overnight
Five million households will be forced to spend at least 10 percent of their budget on energy bills after Friday’s price cap hike, according to the latest analysis.
The prediction comes as the cap on bills rises by 54 per cent, adding an average £693 a year to the cost for those with default rates. writes anna isaac and Simon Murphy.
The price increases will double the number of households in “fuel stress,” a term for those who spend 10 percent or more of their income after housing costs on energy bills, overnight from 2.5 to 5 million in England alone, according to the Resolution Foundation. group of experts The figures account for the recent intervention of Foreign Minister Rishi Sunak to alleviate the impact.
Read the full story here:
holly bancroft1 April 2022 07:32
ExxonMobil UK suspends operations at three fuel terminals over protests
The oil and gas company, ExxonMobil, has said it will suspend operations at three fuel terminals this morning after protests from climate activists.
Writing on Twitter, the company said: “Small protests are currently taking place outside our Hythe, Birmingham and West London fuel terminals. While we respect the right to peaceful protest, our priority is the safety of our people, our neighbors, the protesters, and our operations.”
They continued: “We have temporarily suspended operations from these locations. Our other terminals at Purfleet and Avonmouth are not affected. We request that the protesters allow us to resume our legal business.”
holly bancroft1 April 2022 07:24
Two in five households are in energy poverty as energy bills soar
Two and a half million households with children are in a situation of energy poverty after the entry into force today of the new energy price limit, according to estimates by the End Fuel Poverty Coalition.
The survey says this equates to two in five households, rising to more than half if only single-parent households are considered, Sky News reported.
The definition of energy poverty used here is a household that spends more than 10 percent of their income on energy bills.
The survey estimated that as many as 9 in 10 people are short of fuel in the Bushbury and Low Hill area of Wolverhampton, the hardest-hit neighborhood in the country.
Sravasti Dasgupta1 April 2022 06:32
Websites crash as customers rush to submit energy bills
Consumer groups have criticized energy companies for failing to prevent a large-scale crash of their websites as customers rushed to submit meter readings ahead of Friday’s price jump.
Customers have reported problems logging into supplier websites, including British Gas, EDF, E.On, SSE, So Energy and Octopus Energy, since Thursday morning.
Sravasti Dasgupta1 April 2022 06:17
The increase in inflation will increase in the coming months, according to a survey by the British Chamber of Commerce
The British Chamber of Commerce (BCC) said its latest quarterly survey found nearly two-thirds of UK businesses are expected to raise prices in the next three months, the highest level since the survey began in 1989.
The survey was conducted in more than 5,600 companies.
The survey revealed that 62 per cent of companies expected their prices to rise in the next three months, up from 58 per cent in the fourth quarter of 2021, The Guardian reported.
Only 1 percent expected a decrease in their prices.
When asked what drives companies to raise prices, 92 percent of manufacturers mentioned raw materials, while 56 percent pointed to energy and transportation costs, among other overheads.
A third of companies said the cost of labor was also influencing their decision to raise prices.
Suren Thiru, head of economics at BCC, said in a statement: “High price pressures suggest that the current inflationary surge will pick up significantly in the coming months.
“The reversal of the VAT cut on hospitality, the higher energy price cap and the skyrocketing of energy and raw material prices amid Russia’s invasion of Ukraine should push inflation up very high. above 8 percent in the short term.”
Sravasti Dasgupta1 April 2022 05:59
Biggest jump in energy bills in living memory takes effect
The biggest jump in home energy bills in living memory has now gone into effect.
The energy price cap for those on predetermined rates paying by direct debit is increasing by £693, from £1,277 to £1,971 from today.
Prepaid customers will see a bigger jump, with its top price of £708 rising from £1,309 to £2017.
The regulator raised the energy price cap to a record £1,971 for a typical household, as gas prices soared to unprecedented levels.
Energy poverty charity National Energy Action (NEA) has warned that the cost of heating an average home has now doubled in 18 months, leaving 6.5 million households unable to live in a safe, warm home across the UK.
An Ofgem spokeswoman said: “We know this increase will be extremely worrying for many people.
“The energy market has been facing a major challenge due to the unprecedented increase in global gas prices, a unique event in 30 years, and Ofgem’s role as energy regulator is to ensure that, under the maximum price , energy companies can only charge a fair price based on the actual cost of supplying electricity and gas.
“Ofgem is working to stabilize the market and, in the long term, to diversify our energy sources, which will help protect customers from similar price shocks in the future.”
Chris Baynes1 April 2022 02:00
Five million households face energy budget crisis as bills skyrocket overnight
According to the latest analysis, five million households will be forced to spend at least 10 percent of their budget on energy bills after today’s price cap increase.
The prediction comes as the cap on bills rises by 54 per cent, adding an average £693 a year to the cost for those with default rates.
The price increases will double the number of households in “fuel stress,” a term for those who spend 10 percent or more of their income after housing costs on energy bills, overnight from 2.5 to 5 million in England alone, according to the Resolution Foundation. group of experts The figures account for the recent intervention of Foreign Minister Rishi Sunak to alleviate the impact, report anna isaac and Simon Murphy:
Chris Baynes1 April 2022 00:27
How to get a council tax refund as the cost of living increases
Earlier this month, the government He urged households to prepare for the £150 council tax refund they could claim by setting up a direct debit with their council.
The 28 million households in the UK will also receive a £200 rebate from the government towards their energy bill this year.
Emily Atkinson31 March 2022 20:51
Fracking moratorium is a ‘political stunt’, says Labor Party
A Labor MP has called the fracking moratorium announced during the 2019 election a “political stunt” after regulators today lifted an order for Cuadrilla to plug its wells in Lancashire.
Cat Smith, MP for Lancaster and Fleetwood, said: “Is it the Conservatives who are reopening the door to fracking?”
Emily Atkinson31 March 2022 20:31