Category Archives: Household bills

More than one in eight UK households fear they have no way of making more cuts

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As energy bills soar, survey shows almost half of homes are worried about paying rent or mortgage

More than one in eight UK households fear they have no further way to make cuts to afford a sharp increase in annual energy bills this autumn.

More than a quarter of households earning less than £20,000 worry they will be unable to cope with higher bills, with families in Yorkshire, the south-west and Northern Ireland the least confident about covering their costs, according to the latest rebuilding Britain index of 20,000 people by Legal & General.

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Europe could face energy rationing as ‘really tough winter’ looms, Shell boss warns

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Ben van Beurden says Ukraine war fallout means big rise in bills and possible need to ration supplies

European consumers could face the prospect of energy rationing this winter as costs continue to soar amid the risk of Russia cutting off gas supplies, Shell’s chief executive has said.

“It will be a really tough winter in Europe,” said Ben van Beurden, speaking at the Aurora spring conference in Oxford on Thursday. “We will all face very significant escalation in energy prices. In the worst case, Europe will need to ration its energy consumption.”

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Europe and UK pour 17,000 tons of cooking oil into vehicles a day

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Analysis finds 58% of rapeseed oil in Europe is burned for fuel despite soaring prices and climate impact

Europe and the UK are pouring 17,000 tons – or about 19 million bottles – of cooking oil into vehicle fuel tanks every day, even though it is up to two-and-a-half times more expensive than before 2021, according to new analysis.

The equivalent of another 14 million bottles a day of palm and soy oil – mostly from Indonesia and South America – is also burned for fuel, the research says.

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Energy price cap in Britain could near £3,000 this autumn

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New forecasts suggest household bills could rise more than £1,000 after another spike in wholesale prices

The energy price cap could reach nearly £3,000 in the Britain at the beginning of October, with the planned increase possibly being more than £1,000 according to a new forecast.

It is expected to rise to £2,980.63 for the next period, which runs between October and December, after another spike in wholesale demand prices last week.

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UK food price rises could hit 15% over summer, report says

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Ukraine war, China lockdowns and Brexit help push up inflation, with products that rely on wheat worst hit

Food price rises in the UK could hit 15% this summer – the highest level in more than 20 years – with inflation lasting into the middle of next year, according to a report.

Meat, cereals, dairy, fruit and vegetables are likely to be the worst affected as the war in Ukraine combines with production lockdowns in China and export bans on key food stuffs such as palm oil from Indonesia and wheat from India, the grocery trade body IGD warns.

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British Gas owner says windfall tax will dent investor confidence

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Centrica boss also defends Amber Rudd’s appointment to its board as a non-executive

The British Gas owner, Centrica, has warned that Rishi Sunak’s windfall tax will “damage investor confidence” as Britain attempts to build up green energy supplies.

The Centrica chairman, Scott Wheway, and its chief executive, Chris O’Shea, hit out at the chancellor’s 25% levy on oil and gas operators’ excess profits, which will be used to pay for measures to reduce soaring energy bills.

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Most small firms fear long-term fallout from UK’s cost of living crisis

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Half worry rocketing prices will cut spending, while three in four fear long-term damage to businesses

Three-quarters of small and medium-sized companies are worried about the long-term impact the cost of living crisis, soaring energy bills and rising inflation will have on their business, a survey has found.

Just over half (51%) of SMEs said they were concerned that rocketing prices would dent consumer spending, in response to Barclays’ SME Barometer, a quarterly survey of business sentiment conducted for the bank.

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Rishi Sunak to announce windfall tax on energy firms

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One-off levy to fund support package amid cost of living crisis which could include increase in benefits

Rishi Sunak will push the button on a controversial windfall tax on energy companies on Thursday, as he lays out measures to ease the pain of rising household bills.

The chancellor has confirmed speculation he will announce fresh support for Britons struggling with the cost of living crisis. The measures are expected to help the poorest households as rampant inflation pushes up the price of everything from food to fuel.

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Rishi Sunak reportedly considering windfall tax on electricity generators

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Levy could be extended beyond oil and gas producers to help households in cost of living crisis

Rishi Sunak is reportedly considering imposing a wider windfall tax on electricity generators, as well as on oil and gas producers, that could bring in billions of pounds to help households struggling with soaring food and energy costs.

The chancellor has instructed Treasury officials to work on plans for a potential tax on more than £10bn of excess profits made by electricity generators, including windfarm operators, according to sources cited by the Financial Times.

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UK should expect high fuel bills for at least 18 months, E.ON boss says

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Michael Lewis calls for substanstial government intervention to help people deal with costs

Consumers will have to cope with extraordinarily high fuel bills for at least another 18 months, the boss of Britain’s biggest energy supplier has said.

Michael Lewis, the chief executive of E.ON UK, called for “very substantial” government intervention to help people with escalating fuel bills, one of the biggest factors in the cost-of-living crisis.

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Why does the UK have the highest inflation in the G7?

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Analysis: UK among hardest-hit countries thanks to perfect storm of war in Ukraine, Covid and Brexit

Britain’s inflation rate has soared to the highest level since the early 1980s. After a record increase in gas and electricity bills in April, inflation is the highest in the G7. Having reached 9% last month, it is above the 8.3% rate in the US and Germany’s reading of 7.4%. Japan, an economy characterised by low inflation for decades thanks to an ageing population, has the lowest rate at 1.2%.

Here are some of the reasons why prices are rising faster in the UK than in other major economies.

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Rishi Sunak faces Tory clamour to act now on cost of living crisis

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Conservative MPs to urge chancellor to tackle inflation with VAT cuts, energy bill support and improved benefits

Tory MPs are piling pressure on Rishi Sunak to take decisive action to deal with the cost of living crisis with measures such as cutting VAT, increasing energy bill support and raising benefits, as inflation is forecast to top 9% on Wednesday.

A string of Conservatives from across different wings of the party called on the chancellor to intervene within weeks, amid dire economic predictions about the squeeze on households.

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Watchdog urged to step in as UK’s poorest turn off energy supply

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Spate of self-disconnections reflects rising costs, punitive debt collection and disproportionately high charges, says charity

A food bank charity has called for the energy watchdog to intervene after a spate of reports of penniless families self-disconnecting from their gas and electricity, leaving them unable to wash clothes, use cookers or even switch on lights.

Feeding Britain said people on low incomes who used prepayment energy meters were increasingly being pushed into destitution by rising costs, punitive debt collection rules and disproportionately high standing charges.

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John Lewis boss calls for Covid-style cost of living aid package

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Dame Sharon White follows Tesco chief in urging UK government to help with rising energy and grocery bills

The boss of John Lewis has urged the governmentto intervene with a financial package of support to protect families from the cost of living crisis on the same scale as it did to help the nation deal with the Covid pandemic.

Dame Sharon White, a former second permanent secretary at the Treasury, said the government needed to act urgently as families struggle to pay utility and food costs as energy bills and inflation soars.

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Cost of living crisis forces UK cancer patients to cut back on food and heating

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Macmillan survey suggests hundreds of thousands of people with cancer struggling to make ends meet

Hundreds of thousands of cancer patients are putting their lives at risk by cutting back on meals, heating and other essentials as a result of the cost of living crisis, a charity has said.

Macmillan Cancer Support said it was “hugely concerning” that large numbers of people living with the disease were having to resort to drastic cost-cutting measures to make ends meet.

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Almost nine in 10 British adults say their living costs are rising

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ONS says a quarter of households in survey are struggling to pay bills such as fuel and food

Almost 90% of British households reported an increase in their cost of living last month as they were hit by escalating fuel, food and borrowing costs.

Heaping further pressure on Rishi Sunak to increase his support for those on low and middle incomes, the Office for National Statistics said a quarter of all those in its survey were struggling to pay their bills and 17% had turned to loans or borrowing on credit cards to make ends meet.

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Labour says it will insulate 2m houses in first year to cut bills

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Ed Miliband says move will ease energy price crisis and reduce dependence on Russian gas

Labour has said it would insulate 2m houses within a year to slash bills and reduce reliance on Russian gas, accusing Boris Johnson of a “shameful” failure to stop Britain’s homes leaking heat.

The government put major nuclear and onshore wind projects at the heart of its energy security strategy announced earlier this month, but faced criticism for failing to include any new measures on insulation despite the UK having some of the draughtiest housing in Europe.

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One in eight privately rented homes in England pose threat to health, MPs say

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Serious health and safety risks costing NHS £340m a year, public accounts committee report finds

More than one in eight privately rented homes in England pose a serious threat to people’s health and safety, costing the NHS about £340m a year, according to a report from a committee of MPs.

It also uncovered evidence of unlawful discrimination, with an estimated one in four landlords unwilling to let to non-British passport holders.

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Jump in UK wages fails to keep pace with cost of living

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Pressure for more support for households and businesses after consumer prices rise 6.2%

Business live updates: jobless rate drops and wage squeeze continues

Britain’s cost of living crisis moved into its fourth consecutive month in February despite a jump in wages and a fall in unemployment to just 3.8%, its lowest level since 1974.

The Office for National Statistics said average earnings growth of 5.4%, including bonuses, failed to keep pace with a 6.2% rise in the consumer prices index in February, while for those who missed out on a bonus the situation was even worse after average wages increased by only 4%.

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Civil unrest due to rising energy bills ‘isn’t far away’, says Martin Lewis

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Money saving expert says UK government must do more to ensure people can heat homes and have enough food

Britain’s self-titled money saving expert Martin Lewis has warned that civil unrest over rising energy bills “isn’t far away”, as he repeated his call for more government intervention to protect people.

Lewis said he was the most scared he has been for people’s finances since he founded his popular website in 2003. It has traditionally offered advice on which bank accounts or phone providers may be cost-effective, and has been a regular port of call for people looking to switch energy provider and save money.

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