Rising gas prices could push the cost of energy bills to £6,552 next year with inflation expected to peak at 18%, according to two forecasts. Consultancy firm Auxilione estimated that gas and electricity bills could reach £6,552 for the average household from April. Analysts at top investment bank Citigroup, meanwhile, predicted that inflation – driven mainly by soaring energy bills – could hit a staggering 18% early next year. Energy regulator Ofgem will make an announcement on Friday about the latest price cap increase, which will come into effect in October. The expected autumn rise to £3,554 would leave average household bills 80% higher in the colder months when energy use soars. EDF chief executive Philippe Commaret said half of UK households could be in fuel poverty in January as a result of soaring energy prices, as he warned of a “dramatic and devastating winter”.
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Who gets the £400 energy rebate and winter fuel payment?
Households will start receiving money on their energy bills from October. Vicky Shaw knows who gets what and when:
Who gets the £400 energy rebate and winter fuel payment?
Households will start receiving money on their energy bills from October Matt Mathers August 23, 2022 12:40 p.m 1661251815
All help with living costs available and how to get paid
Former chancellor Rishi Sunak announced a series of new measures after criticism that the government was not doing enough to tackle financial difficulties. My colleague Zoe Tidman takes a look at the help available:
All the help with living costs you may be entitled to and how to get the payments
Former chancellor Rishi Sunak announced a series of new measures after criticism that the government was not doing enough to tackle financial difficulties Matt Mathers August 23, 2022 11:50 am 1661251685
Energy price rises again to £6,552 – new forecast
A rise in gas prices on Monday added almost £500 to the projected energy price cap for next year – heaping further misery on families who will already struggle to keep the heating on. Experts now expect the energy price cap to be set at £6,552 in April, based on Monday’s gas price. Prices soared as markets opened on Monday after Russia said it would carry out maintenance on a key natural gas pipeline linking the country to Germany. “Market nervousness seems to be increasing by the day as we get closer to winter delivery, now just five weeks away, and there is no big positive news on the horizon,” Auxilione said. “Planned outages over a week have caught the market’s attention and are causing further concern – as evidenced by yesterday’s market activity.” Matt Mathers August 23, 2022 11:48 am 1661250915
How to deal with rising prices
Millions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. My colleague Kate Ng turns to financial experts for advice on how to deal with it all.
How to cope with the rising cost of living
Millions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. Kate Ng turns to financial experts for advice on how to deal with it all Matt Mathers August 23, 2022 11:35 am 1661249877
The cost of living crisis would be worse if Putin is not checked
The cost of living crisis would be even worse if Vladimir Putin’s war in Ukraine went unchecked and his aggression spread to the rest of Europe, a former foreign minister said. Sir Malcolm Rifkind, who served as Sir John Major’s foreign secretary from 1995 to 1997, was asked how much longer the UK could continue to support Kiev’s war effort amid sky-high energy bills and inflation . Matt Mathers August 23, 2022 11:17 am 1661248815
Cost of living scams: What to look out for and how to get help as fraudsters target assistance payments
Nasty texts, calls and emails are on the rise as the UK’s economic outlook grows increasingly bleak, writes Joe Sommerlad. Read Joe’s article on scams to watch out for during the cost of living crisis here:
What living expenses to look out for and how to get help
Dangerous texts, calls and emails on the rise as UK economic outlook grows bleaker Matt Mathers August 23, 2022 11:00 am 1661247976
UK faces ‘financial war’
The UK is facing “financial warfare” amid Russia’s invasion of Ukraine and rising energy prices, an MP has warned. John Healy, the shadow defense secretary, spoke to LBC earlier. “There is certainly an element that what we’re dealing with is not just a market failure and malpractice by the energy companies, but part of Russia’s economic war on Europe,” he said. “It’s no coincidence that the year before they invaded Ukraine, they cut the supply of natural gas to Europe during that 12 months in half – forcing prices, putting pressure and it’s part of what military experts would say. [is] a form of hybrid warfare and aggression’. Mr Healey added: “We are faced with Russian aggression extending into our economy, disinformation that is sowing division in our society – which is undermining our faith in our country – and we need to strengthen our resilience at home and strengthen our defenses abroad. “That’s why our armed forces are so vital to this country right now.” Matt Mathers August 23, 2022 10:46 am 1661247015
Government not doing enough to prevent ‘disastrous winter’, warns energy boss
Government support for households facing skyrocketing energy bills is “too low” to avoid a “catastrophic” crisis this winter, an energy boss has warned. My colleague Andy Gregory reports:
Government energy plans won’t prevent ‘disastrous winter’, warns energy chief
Energy firm wants to work with Boris Johnson’s successor ‘once’ in No 10 Matt Mathers August 23, 2022 10:30 am 1661245949
UK expands natural gas emergency exercise
A routine energy industry exercise to prepare the UK for the possibility of a gas emergency has been extended amid fears of winter shortages, it has been reported. The BBC reports that the annual exercise will see potential scenarios – including the electricity rationing – played out over four days, rather than the usual two, as energy concerns rise amid Russia’s ongoing war in Ukraine. Industry insiders linked the extension of the exercise to the severity of energy challenges expected this winter, the BBC reported. Matt Mathers August 23, 2022 10:12 am 1661244802
“Disastrous winter ahead”
Households are facing a “dramatic and devastating winter”, a senior energy company executive has warned ahead of an increase in the price cap on bills. EDF chief executive Philippe Commaret has warned that half of UK households could be in fuel poverty in January as a result of soaring energy prices. He said: “We are facing, despite the support already announced by the government, a dramatic and devastating winter for our customers,” he told BBC Radio 4 Today. “In fact, half of UK households could be in fuel poverty in January. That’s why we want to take steps to do everything we can to help our customers. “So we’re announcing today that we’re going to launch a campaign to reach out to hundreds of thousands of our customers to provide them with further support to help them reduce their costs, but also to make sure they have access to all the support that’s available for them”. Matt Mathers 23 August 2022 09:53
