Financial matters

[SteveH]

Money Expert shares 4 essential steps to take if you can't pay energy bills

More than a fifth of people are concerned about falling into energy debt this winter. The charity found that 22% (360,000 people) feel 'worried or anxious' about arrears, with the average energy debt for those accessing complex debt advice being ?2,307, up by nearly ?500 compared with the same time in 2023.

Energy debt can also impact your mental health and well-being, but if you're struggling, there are a number of places where you can access help. We've outlined the things you should be aware of if you're worried about your bills below, from contacting your supplier to accessing financial support..............

MORE https://www.inyourarea.co.uk/news/money-expert-shares-4-essential-steps-to-take-if-you-cant-pay-energy-bills/

[SteveH]

Oil prices jumped by 4% after the US and UK launched strikes in Yemen over recent attacks by Houthi rebels on ships in the Red Sea.Brent crude hit $80 per barrel for the first time this year as the Iran-backed rebels vowed to retaliate against military action by Western powers.

While the price rose, it is below highs reached when Russia invaded Ukraine.
But the UK government has drawn up scenarios suggesting further disruption could hit the economy.

The BBC understands the Treasury has modelled outcomes including crude oil prices rising by more than $10 a barrel and a 25% increase in natural gas.

On Friday, Brent Crude - the international benchmark for oil prices for much of the world - hit $80.71 per barrel before easing, while US West Texas crude increased by 2.79% to $74.03.
cont https://www.bbc.co.uk/news/business-67947795


Is the economy facing another energy price shock?
Both Prime Minister Rishi Sunak and US President Joe Biden cited the global economic impact of Houthi attacks on Red Sea cargo ships in overnight statements as the reasoning behind military action.
https://www.bbc.co.uk/news/business-67957739

[SteveH]

British savers are missing out on a whopping ?13billion every year due to one simple mistake. Many people are keeping their money in bank accounts which do not pay any interest.

Research from money management app Plum suggests ?253billion is lying in zero-interest accounts. It amounts to around 14% of household savings overall

In real terms, it means ?1,000 saved in an account that pays no interest would drop in value to ?825.89 after five years if you take into account inflation, which currently sits at 3.9%. The top-paying easy-access account right now is from Metro Bank which pays 5.22%.

cont https://www.walesonline.co.uk/news/uk-news/brits-missing-out-13billion-cash-28459936?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


ALSO
U-turn as UK's rate of inflation goes back up
The rate indicates how quickly everything is getting more expensive

The rate of inflation rose to 4% in December from 3.9% in November, the Office for National Statistics said. Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: ?The rate of inflation ticked up a little in December, with rises in tobacco prices due to recently introduced duty increases.

?These were partially offset by falling food inflation, where prices still rose but at a much lower rate than this time last year.

cont https://www.walesonline.co.uk/news/uk-news/u-turn-uks-rate-inflation-28459657?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

As we experience freezing conditions, it's crucial to make sure your home is well-prepared for the icy weather. We've found some expert advice on how to make your safeguard your home against problems.

Homeowners over 65 are particularly concerned about cold-related challenges such as power cuts, broken boilers and frozen pipes, according to new research from Saga and Ageas UK. Regardless of age, it is important to protect your home from the ravages of freezing temperatures.

Read on https://www.inyourarea.co.uk/news/10-ways-to-winter-proof-your-home-in-freezing-temperatures/

[SteveH]

Dehumidifier deals as experts share exact temperature to prevent mould at home
The best budget-friendly and effective dehumidifiers we've found on from Amazon, Dunelm, eBay and more

As cold weather hits the UK, many people are struggling to keep their homes warm because of high energy bills. If you're frugal with your thermostat and keep windows closed over the winter, you may notice condensation forming on your windows.

While this is normal in colder months, too much condensation can lead to problems like mould and health issues, warn energy experts at Your NRG. Speaking to BristolLive, the experts advised: ?Keep your home?s thermostat above 14 degrees Celsius to prevent mould growth, and a bit higher in tiled rooms. Anything below this threshold will encourage damp to develop in your house, impacting your property and your well-being.?

Use dehumidifiers for cost savings
According to the experts, dehumidifiers not only help eliminate condensation, but they can also help prevent damp and mould, get your laundry dry faster and even cut energy bills. Be it portable or electric, they all work by getting rid of excess moisture that's in the air.

cont https://www.inyourarea.co.uk/news/dehumidifier-deals-as-experts-share-exact-temperature-to-prevent-mould/

[Hugo]

That's an interesting article Steve and I'll have a good read of it over the weekend.
Just before Christmas Mrs H was going on about rising damp in our cloakroom.    I checked and the corner was indeed wet so I got the name of a damp specialist from my brother who is in the building trade.   I couldn't do anything at the time and the Christmas season was on us but I had a closer look at the problem in early January and found out the reason for the damp.
It was condensation on the WC cistern that was making the floor damp so I Googled it and got this message:-
Q    How do I stop condensation on my toilet cistern?
A     There are only two surefire ways to stop your toilet sweating:
1)Dry Out the Air in the Bathroom. Use an air conditioner or dehumidifier to dry out the air in the bathroom. ...
2) Install an antisweat valve in the water-supply line leading to the toilet.

I sorted the problem in the cloakroom out by simply switching off the radiator but the same thing was happening in the bathroom too so I can't switch off the radiator there but I'll read your link and see if it can help me

[SteveH]

Hugo, I can recommend their use, our first house was an old lodge, and we definitely needed one there, about 10 years ago we got another, a very good buy for forty pounds off FB, we use it periodically by closing off a room at a time and opening all the wardrobe doors and drawers, even in the summer, especially in rooms not in use.

[SteveH]

Oil and gas giant Shell has reported lower annual profits due to energy prices falling last year............ 

Profits were $28.2bn (?22.3bn) in 2023, down from $39.9bn in 2022 which was the company's highest earnings in its 115-year history.

Energy firms made record earnings when oil and gas prices soared in the aftermath of Russia's invasion of Ukraine amid fears of supply problems.

Households bills have eased since 2022, but remain at a high level......

cont https://www.bbc.co.uk/news/business-68164030

[SteveH]

Water companies are forecasting an above-inflation rise in average household bills in April, drawing criticism from campaigners.

The average annual water and sewerage bill is expected to rise by 6% in England and Wales, up ?27 to ?473, says suppliers' trade body Water UK.

In Scotland, water and waste charges will go up by 8.8%, a rise of ?36.

Water firms have been facing intense scrutiny after the dumping of sewage into rivers.

"Next year will see record levels of investment from water companies to secure the security of our water supply in the future and significantly reduce the amount of sewage in rivers and seas," said David Henderson, chief executive of Water UK.

He said companies in England and Wales would invest more than ?14.4bn in the next financial year, the highest annual investment on record.

cont https://www.bbc.co.uk/news/business-68172008

[SteveH]

Update on above..........Water companies are forecasting an above-inflation rise

Dŵr Cymru Welsh Water says bills to fall for all customers
The reduction is due to penalties the company has incurred for supply interruptions and leakage during previous

Dŵr Cymru Welsh Water says that its bills for the coming year are set to fall. The not-for-profit water company has announced that the typical combined water and wastewater bill for household customers will fall by between 0.1% and 1.3% from April.

The reduction is due to penalties the company has incurred for supply interruptions and leakage during previous years. In England bills are set to rise by 6% on average - an above inflation increase.

cont https://www.dailypost.co.uk/news/north-wales-news/dr-cymru-welsh-water-says-28555903

[SteveH]

BP profits plunge as oil prices ease

Energy giant BP has reported a sharp drop in profits after oil prices fell last year.

Profits were $13.8bn (?11bn) in 2023, down from a record $27.7bn in the previous year.

Energy firms reported huge gains when oil and gas prices soared in the aftermath of Russia's invasion of Ukraine because of fears over supplies.

While household energy bills have fallen since 2022, they still remain at a high level.

The results are the first released by BP since the company announced Murray Auchincloss as its new chief executive.

cont  https://www.bbc.co.uk/news/business-68206788

[SteveH]

A single person will need ?31,300 a year for a moderate income in retirement, according to a pensions industry body.

The rising cost of living and an expectation to offer financial support to grandchildren had pushed up the income required by ?8,000, it said.

The Pensions and Lifetime Savings Association (PLSA) uses evidence from focus groups to make the estimates.

It is intended as a guide for those planning their retirement savings.

The calculations are pitched at three different levels - minimum, moderate and comfortable - and are developed and maintained independently by the Centre for Research in Social Policy at Loughborough University.

They estimated that a single person needed ?14,400 a year for a minimum income, and ?43,100 a year for a comfortable retirement.

Couples required a joint ?22,400 at the minimum level, ?43,100 at a moderate level, and ?59,000 at a comfortable level.

cont https://www.bbc.co.uk/news/business-68222807

[SteveH]

I am assuming I will be sent the relevant information and links, which I will pass on to you all...............

Pensions
Join us on Thursday, February 8, at 1pm when we will be LIVE with The Telegraphs Pensions Doctor, Becky O'Connor, tackling your most burning pension questions

This link to existing information.... https://www.inyourarea.co.uk/news/tag/pension/

[SteveH]

update on above.........

We were live with The Telegraph's Pensions Doctor, Becky O'Connor
Getting to grips with your finances so you can retire comfortably can be a headache; check out our blog as we tackle some of the most common questions
cont https://www.inyourarea.co.uk/news/were-live-with-the-telegraphs-pensions-doctor-becky-oconnor/



Barclays is buying Tesco's retail banking operations in a deal worth ?600m to the supermarket giant.
Barclays is taking over Tesco Bank's credit cards, loans and savings accounts and has also agreed to market Tesco-branded banking services.

Under the deal, about 2,800 of Tesco's banking staff will transfer to Barclays.
Tesco said customers did not need to take any action and it would contact them over the coming months.

The supermarket has retained some of Tesco Bank's services, including insurance, ATMs, travel money and gift cards.

It has also agreed a partnership, initially for 10 years, under which Barclays will market and distribute credit cards, unsecured personal loans and deposits using the Tesco brand.
cont https://www.bbc.co.uk/news/business-68249167

[SteveH]

Just in case anyone has missed previous tips ! !

Dominic Littlewood shares 11 energy-saving tips that really work
The TV consumer champion says little changes all add up and can help you save money

Energy bills may have gone up again, but a TV consumer champion says small changes around the home can help reduce how much energy you use. Dominic Littlewood practices what he preaches and is savvy at saving money in his own home.

?I?m really, really good at keeping my energy bills down,? said Dom. ?But I?m not sitting there shivering in an igloo with warm coats on and a hot water bottle ? I live a reasonably normal life, I?m just very shrewd and careful about what I do.?

Dom, who has presented shows including Channel 5?s Cowboy Builders and the BBC?s Fake Britain, is now sharing practical tips to help households reduce their energy costs. It is part of a new campaign by the Department for Energy Security and Net Zero, called ?It All Adds Up?.

cont https://www.inyourarea.co.uk/news/dominic-littlewood-shares-11-energy-saving-tips-that-really-work/