Financial matters

[Hugo]

The little-known boiler tip that could shave hundreds off your winter gas bill
Thrifty mum explains clever Octopus Energy hack that has saved her nearly £100 since the start of December

https://www.dailypost.co.uk/news/north-wales-news/little-known-boiler-tip-could-22844758

[SteveH]

Spreading the cost of high gas prices over a number of years is the best way to deal with price spikes, the boss of one of the UK's biggest energy firms has said.

Octopus Energy's Greg Jackson said it was the only option able to "make a real difference to all customers".

Spreading the cost would mean consumers would avoid hefty increases to their energy bills, he said.

Energy costs are expected to jump in April when the price cap is revised.

In an email to customers, Mr Jackson said: "Spreading the cost of this sudden spike over several years will allow us to make the imminent April rise much, much smaller - more like £12 per month - and adjust prices to gradually cover the cost over time."

The price cap, which sets the maximum rate suppliers can charge for a default tariff, means the typical household should pay no more than £1,277.

The new level for the cap, which applies to England, Scotland and Wales, is due to be announced on 7 February.

cont https://www.bbc.co.uk/news/business-60127507

[SteveH]

THE Winter Fuel support payment issued by the Welsh Government has been doubled to help families with the cost-of-living-crisis.

The £100 one-off payment is now being doubled to £200 to support eligible households with rising energy bills and costs.

Residents have until 18 February to apply.

Siân Gwenllian, Arfon MS, said: “It’s important that eligible households are aware of changes that mean the Winter fuel support payment will be doubled.

“For households across Arfon and Wales facing a cost-of-living crisis, an additional £200 could be essential.

“It’s increasingly expensive to heat our homes and the cost of food has risen, forcing more people into food poverty.

“That’s why I’m urging those that are eligible to apply for the payment.”

The Welsh Government’s website says those who have received the £100 payment do not need to apply for the second payment

[SteveH]

BBC live reporting ...... follow here  https://www.bbc.co.uk/news/live/uk-60236456

"Consumers will receive a £200  discount??  on their electricity bills from October and this will automatically be repaid in equal £40 instalments over the next five years."   

Government to give £150 council tax rebate in April
Sunak says he will give people in council tax bands A to D a £150 council tax rebate in April.

It will mean 80% of council tax payers get the saving.

Summary
Chancellor Rishi Sunak is outlining plans to ease cost of living pressures after a record rise to the energy price cap
The average household's energy bill will rise by £693 annually after a 54% increase to the cap
The new cap for England, Wales and Scotland will take effect in April and affect 22 million households
Bills for the average customer on a default tariff will rise to £1,971 a year from £1,277
Prepayment customers will see an increase of £708 from £1,309 to £2,017
The cap, which limits how much providers charge per unit, is going up because of an unprecedented rise in gas prices
The increase will take effect amid a cost of living crisis, with people facing higher taxes and rising costs for food

[SteveH]

Many European countries are a step ahead of the British government, which has yet to announce plans to help homes facing annual bills of almost £2,000

Rachel Reeves: Tories have no answer to cost of living crisis
From milk to crisps: why the price of basic food items is rising
Jillian Ambrose Energy correspondent
Mon 31 Jan 2022 06.00 GMT

In the next week Great Britain’s energy regulator will announce the steepest rise ever in its energy price cap, effectively saddling millions of households with an annual energy bill of close to £2,000.

The blow to household finances follows almost six months of record high energy market prices because of the global gas crisis. Despite the deepening gloom facing bill payers, ministers are yet to agree a package of measures to prevent a national energy crisis.

After a fourfold surge in energy market prices across Europe, households will pay an average of 54% more for energy this year than in 2020, according to Bank of America. The bank warned that the biggest increases would be felt by Italy and the UK.

While European governments have moved to protect households from the full brunt of the global energy crisis, the UK government has remained silent. The UK’s failure to act comes despite desperate calls from groups representing vulnerable households, small businesses and economists, which fear that record high energy bills threaten to unlock economy-wide inflation and a cost of living crisis.

cont https://www.theguardian.com/business/2022/jan/31/as-uk-households-feel-pressure-how-are-other-european-countries-tackling-energy-crisis

[SteveH]

31 hacks to help you cut your energy bills amid price cap crisis
Households are set to see steep hikes in their energy bills from April

With so many people set to face additional financial pressures, experts have shared 31 hacks that could help you to cut down your energy bills.

cont https://www.dailypost.co.uk/news/north-wales-news/31-hacks-help-you-cut-22981796

[SteveH]

The places in North Wales set for the biggest and lowest energy price hikes this year
The Office for National Statistics has worked just how much more people on average will have to fork out this year

Average energy price hikes in North and Mid Wales
Ceredigion: Average energy bills in March 2021 - £1,092; Average energy bills in April 2022 - £2,064; Increase in energy bills after price hikes - £972
Gwynedd: Average energy bills in March 2021 - £1,016; Average energy bills in April 2022 - £1,920; Increase in energy bills after price hikes - £904
Powys: Average energy bills in March 2021 - £953; Average energy bills in April 2022 - £1,801 ; Increase in energy bills after price hikes - £848
Anglesey: Average energy bills in March 2021 - £918; Average energy bills in April 2022 - £1,735; Increase in energy bills after price hikes - £817
Denbighshire: Average energy bills in March 2021 - £895; Average energy bills in April 2022 - £1,692; Increase in energy bills after price hikes - £797
Conwy : Average energy bills in March 2021 - £841; Average energy bills in April 2022 - £1,589; Increase in energy bills after price hikes - £748
Flintshire: Average energy bills in March 2021 - £806; Average energy bills in April 2022 - £1,523; Increase in energy bills after price hikes - £717
Wrexham: Average energy bills in March 2021 - £738; Average energy bills in April 2022 - £1,395; Increase in energy bills after price hikes - £657

full article https://www.dailypost.co.uk/news/north-wales-news/places-north-wales-set-biggest-23022396?IYA-reg=a05105fc-304d-4c50-9807-edab51f779a4

[SteveH]

Not helping the above situation ..............

Warning to millions of households as Smart Meter changes could see 'surge in pricing'
Energy regulator Ofgem has approved the major changes to the meters but claims it will actually save money

https://www.dailypost.co.uk/news/north-wales-news/warning-millions-households-smart-meter-23033739

[SteveH]

State Pension payments will increase in April, the Department for Work and Pensions (DWP) has confirmed.

The payments will rise in line with the Consumer Price Index (CPI) by 3.1% from April 11.

Commenting on the 3.1% increase coming into effect next year, the DWP said : “In taking this decision, the [UK] Government carefully considered the fairest approach for both pensioners and younger taxpayers, many of whom have been hardest hit by the financial impacts of the pandemic."

cont https://www.dailypost.co.uk/news/north-wales-news/state-pension-payments-go-up-23096983?IYA-mail=a05105fc-304d-4c50-9807-edab51f779a4

[SteveH]

The benefits and drawbacks of having a smart meter installed at your house
Energy regulator Ofgem has recently approved major changes to how the devices work

According to the new report, from May smart meters will automatically send your energy supplier updates every 30 minutes.

Experts claim this move will allow a “surge in pricing” for millions of people across the UK, but suppliers insist that it could actually save money.

Business secretary, Kwasi Kwarteng, recently admitted that smart meters will become redundant if Britain ditches gas boilers in an effort to go green.

Current smart meters cannot monitor the flow of hydrogen - the renewable and producible fuel of the future.

This means tens of millions of new meters would have to be fitted, adding to the cost of the already multi-billion pound project.

cont https://www.dailypost.co.uk/news/north-wales-news/benefits-drawbacks-having-smart-meter-23103192

[Ian]

For those who might be unaware, the Payment Service Regulations are changing from 1.4.02 and these changes are going to affect us all.

By the end of March 2022 payment institutions and e-money institutions must be ready to comply with:

    EBA guidelines on outsourcing, as per the FCA’s May 2021 statement
    changes to Brexit-related obligations as standstill relief ends
    the FCA’s annual financial crime reporting obligation

In practical terms this will mean more confirmations will be needed by online retailers before they can accept your credit card.  That will have problems for those of us who live in remote areas, with no mobile signal. Contact your bank if that's the case, and they will be able to send out a card reader for you to use at home.

[SteveH]

Thanks Ian, even in town we sometimes have problems, Mrs H arranged a card reader for us a few weeks ago, just in case, as over the past two years, most of our buying has been online.

[SteveH]

Sharp rises in standing charges on standard electricity bills will see customers face very different cost increases depending on where they live.

Customers in South Scotland, Merseyside, North Wales and the South West of England will see the daily payments double from April.

Those in London and the East of England will see increases of less than 60%.

All consumer bills include a standing charge; a fixed daily payment covering the costs of supply and other levies.

The regulator Ofgem caps them for consumers on standard default tariffs in England, Wales and Scotland, although the cap varies by region.

Standing charges are not the biggest part of an energy bill, but they are set to rise by more than £71 a year on average in April.

cont  https://www.bbc.co.uk/news/business-60878314

[SteveH]

State Pension could increase by £1,000 next year as inflation rises
The new amount could break the £200-per-week mark for the first time

The triple lock ties the State Pension to increase by either average earnings, inflation or 2.5% - whichever is higher. This means annual payments are set to rise to almost £10,600 - an increase of £1,000.

According to the Telegraph, the new State Pension could break the £200-per-week mark for the first time if the UK Government sticks to its pledge. This would be welcome news for pensioners, many of whom are on the lowest incomes.

Claimants of the State Pension will be buoyed by the promised re-implementation of the triple-lock, as April saw Chancellor Rishi Sunak announce just a 3.1 per cent increase in the benefit, despite the cost of goods increasing at twice the rate. Those on the old basic State Pension, people who retired before April 6, 2016, will get the same percentage uplift.

However, this will be on a smaller sum, as the old State Pension is lower. Labour's Jonathan Ashworth said pensioners "have been betrayed by Boris Johnson" over the decision to not immediately re-introduce the triple-lock - as many are facing energy bill increases of up to 54 per cent.

https://www.dailypost.co.uk/news/north-wales-news/state-pension-could-increase-1000-24039951

[SteveH]

Here's how you will get the £400 towards energy bills promised by Rishi Sunak
The cash forms part of a £15 billion-pound support package for people struggling amid the cost of living crisis

Energy suppliers will deliver this support to households with a domestic electricity meter over six months from October. Direct debit and credit customers will have the money credited to their account while customers with pre-payment meters will have the money applied to their meter or paid via a voucher.

cont https://www.dailypost.co.uk/news/north-wales-news/heres-how-you-400-towards-24077701