Financial matters

[SteveH]

Some of the world's top oil-producing countries have agreed to cut the amount they export in a decision expected to raise petrol prices around the world.

Members of Opec+ - a group that includes Saudi Arabia and Russia - said they would slash production by two million barrels per day.

The group said it wanted to stabilise prices, which have fallen in recent months as the world economy slows.

But the decision raised fears that prices for motorists will climb.

Expectations that countries were planning to pump less had already pushed oil prices higher this week. The price of a barrel of Brent crude jumped another almost 2% to more than $93 (?82) a barrel on Wednesday.

A spokesman for the RAC motoring group said the reduction announced on Wednesday would "inevitably" lead to higher oil prices, forcing up the wholesale cost of fuel.

"The question is when, and to what extent, retailers choose to pass these increased costs on at their forecourts,"

cont https://www.bbc.co.uk/news/business-63149044

[SteveH]

The UK has opened a new licensing round for companies to explore for oil and gas in the North Sea.

Nearly 900 locations are being offered for exploration, with as many as 100 licences set to be awarded.

The decision is at odds with international climate scientists who say fossil fuel projects should be closed down, not expanded.

They say there can be no new projects if there is to be a chance of keeping global temperature rises under 1.5C.

Both the Intergovernmental Panel on Climate Change (IPCC), the global body for climate science and the International Energy Agency (IEA) have expressed such a view.

Climate change: New fossil fuel funding is 'delusional' says UN chief
Would more UK gas actually bring down prices?
Business Secretary Jacob Rees-Mogg says the new exploration will boost energy security and support skilled jobs.

And supporters of new exploration insist it is compatible with the government's legal commitment to reach net zero greenhouse gas emissions by 2050. They say the North Sea fossil fuel will replace imported fuel and so have a lower carbon footprint in production and transportation.

Licences are being made available for 898 sectors of the North Sea - known as blocks.

"Putin's illegal invasion of Ukraine means it is now more important than ever that we make the most of sovereign energy resources," Mr Rees-Mogg said in a statement.

cont https://www.bbc.co.uk/news/science-environment-63163824

[SteveH]

Update on above....

Nicola Sturgeon is not fooling anyone, she wants it all for Scotland..................   

Scotland's first minister has criticised UK government plans to issue up to 100 new North Sea oil and gas exploration licences.

The government says it will make the UK more self-sufficient and create jobs.

But Nicola Sturgeon said she had not seen any evidence to justify the expansion on environmental or energy security grounds.

She also said the current system of climate compatibility checks was not robust enough.

Ms Sturgeon wants a much faster transition to renewable energy production, which she sees as a better route to economic growth.

The first minister, who is also SNP leader, was speaking in Aberdeen ahead of her party's annual conference which opens on Saturday, with her speech to delegates scheduled for Monday afternoon.

https://www.bbc.co.uk/news/uk-scotland-63170734

[SteveH]

One energy supplier is predicting households could earn around ?100 over the winter through a scheme to reduce peak-time energy use.

Octopus Energy said it expects to pay on average ?4 each time a customer responds to a request to cut back.

National Grid will announce full details of the scheme, which can be adopted by all energy suppliers, later this month.

The grid operator said some customers might get as much as ?10 a day.

The cash incentive is to persuade people to wait until later on to run their washing machine, tumble dryer, or dishwasher, and to not charge their electric car if demand is already high.

The scheme, set to start next month and run until March 2023, aims to help the UK avoid blackouts, by reducing energy consumption at peak times.

cont https://www.bbc.co.uk/news/business-63175030

[SteveH]

People in north Wales, Cheshire and parts of Merseyside pay the highest rate for their electricity under the government's Energy Price Guarantee.

Customers in this region pay 36p a unit compared with the average of 34p, and the lowest of 32p, new figures show.

Over a year, those on a typical direct debit dual-fuel bill will pay ?121 more than those in the cheapest region.

North Wales and Mersey - known as ManWeb - stretches from Aberystwyth to Anglesey, and as far east as Warrington and Crewe, including Liverpool. There are around 1.4 million households in the region.

It is not the most expensive region for gas, paying just a fraction above the average of 10.3p. That still leaves a typical dual-fuel bill for electricity and gas the most expensive at ?2,566 a year, higher than the typical ?2,500 stated by the government for its Guarantee.

The cheapest region for electricity is the northeast of England, where 1.5 million households now pay just over 32p for each unit. Typical households in this region will pay around ?2,445 a year.

cont https://www.bbc.co.uk/news/business-63205245

[Helig]

How much are the standing charges in your area? Up here it is about 50p per day which is excessive. They don't seem to factor in the fact that the north of England and Scotland are colder and wetter than the rest of the UK. I should have thought they should have taken that into account when they were calculating the assistance on offer. The costs of heating and energy are far higher up here.

[SteveH]

How much are the standing charges in your area? Up here it is about 50p per day which is excessive. They don't seem to factor in the fact that the north of England and Scotland are colder and wetter than the rest of the UK. I should have thought they should have taken that into account when they were calculating the assistance on offer. The costs of heating and energy are far higher up here.

Helig, I believe we are about the same, but if it is different I will let you know.


Savings rates hot up after years of low returns
Savers are finally being offered better rewards from providers after years of low interest rates, but some deals are being pulled within hours.

Experts say banks and building societies are leapfrogging each other on best-buy tables as they advertise new products with better returns.

This is the flipside of more expensive mortgages seen in recent weeks.

Many providers are raising money by attracting savers which helps them to lend mortgages and other loans.

However, when they have brought in the money they need, their deals are being withdrawn before they become oversubscribed.

"Things are changing so quickly that people are in danger of missing the peak," said Anna Bowes, of independent comparison service Savings Champion.

cont https://www.bbc.co.uk/news/business-63218331

[SteveH]

Jeremy Hunt scraps almost all mini-budget as Liz Truss battles to remain PM

cont https://www.bbc.co.uk/news/uk-63284391

[SteveH]

Inflation rises to 10.1% and could be good for pensioners and Universal Credit
This is the figure the Government should use to determine how much DWP benefits will be from April

cont https://www.walesonline.co.uk/news/uk-news/inflation-rises-101-could-good-25297591?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Inflation: Soaring bread and meat costs push price rises back to 40-year high
Soaring food prices have pushed the increase in the cost of living back up to the 40-year high seen in July.

The Bank of England has said inflation could peak at 11% this year.

cont / stats https://www.bbc.co.uk/news/business-63301383

[SteveH]

Typical household energy bills could reach ?4,347 a year from April after the government said it would scale back support, an analyst has estimated.

Cornwall Insight's forecast comes after the chancellor said the energy bill help, which had been due to last for two years, would be cut in April.

The government said the most vulnerable would continue to be protected from soaring energy prices.

The forecasts could change depending on movements in wholesale energy prices.

The new Chancellor, Jeremy Hunt, announced the change to the energy price support as part of a package of measures designed to save money after the government's mini-budget left a big projected hole in the public finances.

On Monday, he said "it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices".

cont https://www.bbc.co.uk/news/business-63298057                       

[SteveH]

Official figures show a gloomy picture for the UK economy with government borrowing up and people shopping less than before the coronavirus pandemic.

Retail sales volumes fell more than expected by 1.4% last month, continuing their slide from August.

Meanwhile, government borrowing rose to its second highest September on record.

"Consumers are now buying less than before the pandemic," Darren Morgan, from the Office for National Statistics (ONS) which released the figures, said.

He added: "Retailers told us that the fall in September was partly because many stores were closed for the Queen's funeral, but also because of continued price pressures leading consumers to be careful about spending."

It comes as the cost of living crisis continues to squeeze household budgets.

cont https://www.bbc.co.uk/news/business-63340725

[SteveH]

Another reminder, just in case.......

Royal Mail: 100 days left to use stamps without a barcode

Royal Mail is urging people to use up stamps that do not have a barcode by 31 January, when they will no longer be valid for postage.

It says the deadline in exactly 100 days affects "everyday" stamps featuring the late Queen's profile.

Barcoded stamps were introduced in February to make deliveries more efficient and improve security.

Customers will still be able to use themed, commemorative and non-barcoded Christmas stamps after the deadline.

Anyone unable to use older everyday stamps by 31 January will be able to exchange them for newer barcoded ones free of charge. Royal Mail says that, at present, there is no end date for when the older stamps can be swapped.

Royal Mail's advice is not connected to the change of monarch. It says further details on the launch of stamps featuring King Charles will be made at the appropriate time after consultation with the Royal Household.    ref BBC

[DVT]

Can anyone explain how those bar codes will improve the service - making deliveries more efficient and secure?  I have scanned them and get a link to a site I cannot access, but I have heard that it is "Shaun the Sheep"!

[SteveH]

Energy bill help for all is too expensive, warns the World Bank

It is too expensive for governments to help everyone with their soaring energy bills, the World Bank has warned.

The bank's president said Covid support schemes had not been targeted enough towards the most vulnerable and the debt will take decades to pay off.

David Malpass told the BBC the same policy was being adopted to help people cope with rising energy bills.

"Governments are saying we will take care of everyone, which is just too expensive," he said.

It is pushing global debt to record levels and people at the bottom of the income scale are hardest hit, he said.

What is the energy price cap and what will happen to bills?
When are the ?400 rebate and other cost-of-living payments due?
It comes as separate research suggests the UK's own energy support scheme is far too expensive in its current form.

The government is limiting average bills for households using a typical amount of energy to ?2,500 a year for six months, but will review the support offered from April.

The National Institute of Economic and Social Research said the current scheme could cost some ?30bn because it was untargeted.

It also said households could save up to ?20bn per year if they were incentivised to invest in energy-saving measures like solar panels.

cont https://www.bbc.co.uk/news/business-63386350

[SteveH]

British Gas-owner Centrica has reopened its giant gas storage facility to boost the UK's supply over the winter.

The energy firm said the site would allow for "cheaper gas" to be stored for the colder months and help "reduce or stabilise costs" for households.

The move comes after the UK's energy regulator said homes could face power cuts of up to three hours if gas supplies run low.

Centrica said reopening Rough was "not a silver bullet for energy security".

But it added: "It is a key part of a range of steps which can be taken to help the UK this winter."

The war in Ukraine has prompted fears over the security of gas supplies across Europe after Russia squeezed shipments.

While the UK does not rely on Russia for gas - it gets the majority from the North Sea and Norway - there are concerns supplies could run low as other countries scramble to secure alternative sources.

cont https://www.bbc.co.uk/news/business-63423600