Energy bills: NHS chief warns of 'more deaths' due to the cold
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Tomorrow (August 26), the energy price cap hike will be confirmed with the average bill set to exceed £3,600 in October. In light of the cost of living crisis, energy suppliers are among the many calling for the price cap to be frozen to support people with their energy bills. Bosses at some of the UK’s biggest providers, including Octopus Energy and Utiltia are pushing for a price cap freeze with finance experts sharing saving tips for those waiting for a decision to be made.
Speaking exclusively to Express.co.uk, Julian House, the managing director of www.myfavouritevouchercodes.co.uk, discussed whether calls to freeze or pause the energy price cap are warranted.
Mr House explained: “When discussing whether the UK’s energy price cap should be paused or temporarily scrapped to help people cope with soaring bills, one could certainly steer the conversation towards whether or not the UK government has failed the people they are said to represent by allowing energy companies to go unchecked and, in turn, crippling households across the country with ludicrous energy prices.
“What should be done to help households over the coming months is incredibly simple: protect the working class and stop letting unaccountable corporations make billions and billions of pounds in profits due exclusively to their insatiable greed.
“New inflation projections today by Citigroup estimated that it will nearly double to 18.6 percent in January as a result of the updated energy prices, which would mark the highest inflation rate since 1976 when Britain faced financial crisis. As a result, the Government had no choice but to apply for a £4billion loan from the International Monetary Fund.”
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The finance expert believes this move would be a “massive relief” to struggling households as energy bills are expected to soar way into 2023.
Until such a decision is made, households are looking for other ways to reduce their bills with some opting to switch energy suppliers.
However, Mr House warned that making this transition is unlikely to reduce the average household’s energy bills in the short term.
“While many might be quick to consider switching energy supplier in a bid to combat rising prices, it’s unfortunately hard to say if a change will make any difference at all,” he said.
“Switching energy suppliers doesn’t mean you receive different energy – it’s all the same.
‘With the entire market in crisis, there’s nothing tangibly cheaper than the price cap.”
Looking towards Government support, Mr House reminded consumers what is still available to them.
He added: “From a financial perspective – all households in the UK are due to receive a £400 non-repayable energy grant across multiple payments starting in October to help cope with costs.
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‘The money will either be added as credit on your account or sent as vouchers if your house uses a traditional prepayment meter.
“People on disability benefits will receive an additional £150 in September.”
Outside of financial assistance, the personal finance expert noted practical improvements one can make to their home to mitigate any damage caused by the hike to the energy price cap.
“It’s also worth checking the insulation of your roof and if your windows and doors have any holes that are letting in cold air,” Mr House explained.
“Poor insulation can cause your home to lose roughly 50 percent of its heat, so if you’re spending hundreds and hundreds of pounds on heating, installing new insulation can make your home much toastier and your bill much smaller.
“However, if you’re wincing at the thought of using the heating after the next energy price cap hike, buying a heated electric blanket is the ultimate money-saving hack to make your winter as comfortable as possible.
“They can cost as little as 5p per day to run – much less than a day’s worth of heating. Additionally, you can also buy a hot water bottle to use at bedtime.”
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