Financial matters

[SteveH]

What to do if you think you're being overcharged for energy bills
Ofgem has issued a warning to energy suppliers after several companies were found to be taking too much money from customers

cont https://www.dailypost.co.uk/news/north-wales-news/what-you-think-youre-being-25376372


British Gas confirms it will reward you for using appliances at night                 [I believe you need to be on a Smart meter]
Energy giant confirms customers will be paid to use electricity outside of peak times this winter

Octopus Energy, which piloted the ESO scheme earlier this year, was the first supplier to officially sign up to the new initiative. It expects to pay customers ?4 on average during peak times between November and March through its Saving Sessions service. Octopus says this will add up to ?100 over winter, if a customer cuts their electricity use by 1kWh once or twice a week, up to around 25 times in total.

cont https://www.inyourarea.co.uk/news/british-gas-confirms-it-will-pay-customers-to-use-washing-machines-at-night/

[SteveH]

Bank of England: Five things we now know about the UK economy

The outlook for the UK's economy is fairly bleak.

The Bank of England raised interest rates again on Thursday and has warned the UK is heading for its longest recession since the 1930s Great Depression.

Here are five things we learned from the central bank about the future of the economy.....https://www.bbc.co.uk/news/business-63497379

[SteveH]

Rain in Norway could mean lower energy bills in the UK
The Scandinavian country won't have to restrict our supplies with the wet weather boosting their hydroelectric power resources for their own people

Downpours in the Scandinavian country will mean that we will continue to receive a regular supply of energy from our Nordic friends. And this will result in energy bills being kept at a minimum, something to be cheered as we continue to plod through the current cost-of-living crisis.
cont https://www.walesonline.co.uk/news/uk-news/rain-norway-could-mean-lower-25450093?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Cost of living: Second-hand shopping in vogue as prices rise
"There's definitely been a stigma around buying second-hand in the past," she said.

"Maybe people have been embarrassed by it and thought others would think they're struggling.
"But I just think mindsets are changing - obviously it does save you a lot of money but also stops things ending up in landfill."

cont https://www.bbc.co.uk/news/uk-wales-63500003

[SteveH]

The UK appears to be heading into recession after the latest official figures showed the economy shrank between July and September.

The economy contracted by 0.2% during the three months as soaring prices hit businesses and households.

A country is in recession when its economy shrinks for two three-month periods in a row. The UK is expected to be in one by the end of the year.

The Bank of England has forecast a "very challenging" two-year recession.

A recession has been widely expected in the UK due to the prices of goods such as food, fuel and energy soaring, which is down to several factors, including the war in Ukraine.

cont https://www.bbc.co.uk/news/uk-63582201

[Ian]

I know many of us will have been switched to 'smart' meters but you can reject these and even refuse to have them fitted. We did and had ours removed nine months after it had been fitted.

We have no mobile signals where we live, but looking at what's happening with the companies now I think it was the right decision.

[SteveH]

I know many of us will have been switched to 'smart' meters but you can reject these and even refuse to have them fitted. We did and had ours removed nine months after it had been fitted.

We have no mobile signals where we live, but looking at what's happening with the companies now I think it was the right decision.

Despite the aggravation of having to burrow under the stairs to read the meter once a month, we too have rejected the many offers of a Smart meter.

[Hugo]

Apart from not having to read the meter once a month, what benefits do you get from having a smart meter?       It's not as if you get cheaper energy or any other incentive  by using one.     

[SteveH]

Apart from not having to read the meter once a month, what benefits do you get from having a smart meter?       It's not as if you get cheaper energy or any other incentive  by using one.     

I believe you need a Smart meter to be considered for this......... Octopus customers could get ?100 by reducing energy use
Octopus Energy will pay, on average, 4 pounds per kWh for customers who reduce their energy at certain times

cont https://www.energylivenews.com/2022/10/10/octopus-customers-could-get-100-by-reducing-energy-use/#:~:text=Big%20Zero%20Report%202022&text=Octopus%20Energy%20has%20announced%20it,next%20month%20until%20March%202023.

[Hugo]

A fair point Steve but I prefer my meals at the normal times so I'll persevere for now at least.     I'm pleased with your recommendation of Octopus Energy and am quids in at the moment  ( nearly 1K )  but I expect this surplus to drain very quickly now that the cold weather is coming

[Helig]

I had a smart meter for about 6 months and discovered it cost about ?1.70 a week to run it. No wonder they are so keen. On the Martin Lewis Money Show this week they covered situations where people with smart meters had them used to convert the customers over to a prepayment meter without their knowledge, or agreement. No one knew they could be used for this purpose and it came as a shock to those concerned. One of them had no notice this would happen and they were left with no power until such time as they could put money on it. It is sneaky of the energy companies to engage in these dirty tricks. I wouldn't touch a smart meter again, the energy companies are able to identify what people are using and when. It is another step towards the surveillance society.

[Hugo]

This adds to the point Steve raised and if it suits anyone then it all helps.      Personally I believe that the energy companies should not raise their prices as they are all having record profits.   It's affecting the majority of people in the UK in a bad way and the only ones getting any benefit out of it apart from the energy companies are the Tory Party and the share holders in those companies
I remember many years ago when the Government of the day asked the population to cut back on their usage of energy and people did just that.   The only downside was that because we were using less power the companies had less profit so they increased their prices.  Quite ironic when you think about it now, we just can't win!

https://www.dailypost.co.uk/news/cost-of-living/energy-companies-eon-next-utilita-25520650

[SteveH]

Maybe this will help.........

DWP claimants to get 1,100 added to accounts from new cost of living payments
Benefit claimants and pensioners will both receive a cash boost from new cost of living payments

Certain members of the British public could be set to get a 1,100 cash boost under Rishi Sunaks plans for more cost of living payments. The Prime Minister and Chancellor Jeremy Hunt are currently working out the final details of the fiscal statement, which will be announced on Thursday.

Under the reported proposals, benefit claimants will get 650, while pensioners will get 300 and there will be an additional 150 disability payment to boot. A Government source said: Rishi saw his cost of living plan work last time and so is sticking with it again?.

cont https://www.dailypost.co.uk/news/cost-of-living/dwp-claimants-1100-added-accounts-25523118

[SteveH]

The chancellor will set out his plan for stabilising the UK economy and reducing inflation in his Autumn Statement at 11:30

Jeremy Hunt will pledge to face the economic "storm", as he announces around ?30bn in spending cuts and ?24bn in tax rises
Freezes to tax thresholds will mean millions of people will be paying more tax on their incomes over time

Support for energy bills is expected to remain in place - but become less generous from April 2023

There will be an increase in the National Living Wage from the current level of ?9.50 an hour for over-23s

The point at which the highest earners start paying the top rate of tax will be lowered to ?125,000 from ?150,000
And Hunt is also set to announce a 10% rise in the state pension, benefits and tax credits in line with September?s inflation figure

His plan is seen as crucial for restoring economic stability and credibility after former chancellor Kwasi Kwarteng's mini-budget sparked
market turmoil

Live BBC reporting throughout the day......... https://www.bbc.co.uk/news/live/uk-63591754

[SteveH]

Update...... Recap: Here are the chancellor's main announcements

Let's rewind a bit and take a look back at what we've heard from Jeremy Hunt today:

Taxation and wages:
The threshold for when the highest earners start paying the top rate of income tax will be brought down from ?150,000 to ?125,140
Income tax, personal allowance and higher rate thresholds will be frozen for a further two years, until April 2028
The main National Insurance and inheritance tax thresholds will be frozen for a further two years, until April 2028
The National Living Wage will be increased from ?9.50 an hour for over-23s to ?10.42 from April next year
Tax-free allowances for dividend and capital gains tax is due to be cut next year and in 2024

Energy:
Help for energy bills will be extended, but it will be less generous
There will be targeted support with the cost of living for those on low incomes, disability and pensioners
A Windfall tax on the profits of oil and gas firms will increase from 25% to 35% and extended until March 2028
New "temporary" 45% tax on companies that generate electricity will be applied from January

Economy and public finances:
The Office for Budget Responsibility (OBR) judges the UK to be in recession, meaning the economy has slowed for two quarters in a row
It predicts growth for this year overall of 4.2%, but size of the economy will shrink by 1.4% in 2023
UK's inflation rate predicted to be 9.1% this year and 7.4% next year
Government will give itself five years to hit debt and spending targets, instead of the current three years

Other measures: cont https://www.bbc.co.uk/news/live/uk-63591754

[DVT]

Regardless of your political persuasion there are some very sensible moves in there.

Notably, higher earners to pay more tax and EV cars to pay "road tax" (I guess that will not apply to existing cars in the same way that diesels back on 2014 still don't pay tax) Plus pensioners get a good pay rise!