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Gas and Electricity Prices

Well there's a few people on here, in this thread ,who are looking down the barrel of four times their usual monthly payments it doesn't really matter how much money you have but if you live in a house even with an income of £170k a year or whatever your fuel costs are going up by at least four times what they were earlier this month and punters with those sort of earnings aren't living in a two bed room flat or a 1930s bungalow.
Agreed, there will be very few who don’t need to make adjustments to their lifestyle. This will run from absolute desperation to reigning in some discretionary spending. I keep harping on about this but if their are 25% fewer people eating out then what happens to hospitality staff when restaurants become unviable? These will be people very much at the poorer end of the spectrum. Local restaurants are already closing, wait till the winter when everyones’ costs increase, including uncapped businesses.
 
Well there's a few people on here, in this thread ,who are looking down the barrel of four times their usual monthly payments it doesn't really matter how much money you have but if you live in a house even with an income of £170k a year or whatever your fuel costs are going up by at least four times what they were earlier this month and punters with those sort of earnings aren't living in a two bed room flat or a 1930s bungalow.

I don’t understand these huge increases. Folks must have been on really cheap deals so they’ve been saving money. I’ve worked out that with the govt credit into energy accounts, the big price hike in October means an extra £24 a month for my gas and electricity. That’s a pint of Moretti a week down the pub.
 
Agreed, there will be very few who don’t need to make adjustments to their lifestyle. This will run from absolute desperation to reigning in some discretionary spending. I keep harping on about this but if their are 25% fewer people eating out then what happens to hospitality staff when restaurants become unviable? These will be people very much at the poorer end of the spectrum. Local restaurants are already closing, wait till the winter when everyones’ costs increase, including uncapped businesses.

Ponty and his mates will have to "Eat out for Britain!"

It will be the new Brexit campaign.
 
Agreed, there will be very few who don’t need to make adjustments to their lifestyle. This will run from absolute desperation to reigning in some discretionary spending. I keep harping on about this but if their are 25% fewer people eating out then what happens to hospitality staff when restaurants become unviable? These will be people very much at the poorer end of the spectrum. Local restaurants are already closing, wait till the winter when everyones’ costs increase, including uncapped businesses.

Everything is relative if you are earning say, £150,000 a year then you're living in a house comensurate with those earning so your fuel costs 'might have been £4k" now theyre heading towards £20K so you either swallow those costs or move or maybe spend money trying to reduce those costs but that will be expensive and so you'll move or won't move but if you move then the housing market starts to look fragile.

Basically everyone is f u cked.
 
I don’t understand these huge increases. Folks must have been on really cheap deals so they’ve been saving money. I’ve worked out that with the govt credit into energy accounts, the big price hike in October means an extra £24 a month for my gas and electricity. That’s a pint of Moretti a week down the pub.

Honestly you really want to step away from the computer, seriously you think people are going nuts because of £3 a week?
 
I don’t understand these huge increases. Folks must have been on really cheap deals so they’ve been saving money. I’ve worked out that with the govt credit into energy accounts, the big price hike in October means an extra £24 a month for my gas and electricity. That’s a pint of Moretti a week down the pub.
The increases are between 2.5 and 3.5 times the cap from 18 months ago. Many will have originally paid rather less than the price cap.
 
I'm already seeing reductions in folk having thier boilers serviced and I can see some people not bothering to replace boilers that obviously need to be replaced cause they've stopped using gas it's a bloody nightmare.
 
Fuel poverty is categorised as paying 10% of your income in fuel bills.

That hasn't been the definition since about 2012.

A HOUSEHOLD IS CLASSED AS BEING IN FUEL POVERTY IF:
The household’s fuel poverty energy efficiency rating* is Band D or below and their disposable income (after housing and fuel costs) is below the poverty line.

https://assets.publishing.service.g.../file/1056842/fuel-poverty-factsheet-2020.pdf

The poverty line is defined as 60% of UK median income

https://en.wikipedia.org/wiki/Pover... 2014/5, the median,in the low income bracket.

Median disposable household income 20/21 is £31400

(https://www.ons.gov.uk/peoplepopula...leincomeandinequality/financialyearending2021)

Using the definitions and info above, people are in fuel poverty if the house has a "D" energy efficiency rating or worse and after paying energy bills, the household has less than £1570 pcm in disposable income. That sounds like a lot of households to me...
 
The increases are between 2.5 and 3.5 times the cap from 18 months ago. Many will have originally paid rather less than the price cap.

Energy prices were through the floor 18 months ago. Adjustment to current energy prices will look like a walk in the park when ultra low fixed rate mortgage deals come to an end.
 
Honestly you really want to step away from the computer, seriously you think people are going nuts because of £3 a week?

I’m with you Twotone, I reckon someone needs to put the pipe down.

According to Martin Lewis, who is well known for being on the money:

typical combined energy use in 2021 was £1200-1300, by mid 2023 it will be £3600+... does not equate to £24 a month.... ffs
 
Energy prices were through the floor 18 months ago. Adjustment to current energy prices will look like a walk in the park when ultra low fixed rate mortgage deals come to an end.

What you can't seem to grasp is that people were struggling during your so called "good times" so how do you think they're doing with 3-4x the energy costs on top of the rise in everything else to boot?

Talk about tone deaf.
 
I’m with you Twotone, I reckon someone needs to put the pipe down.

According to Martin Lewis, who is well known for being on the money:

typical combined energy use in 2021 was £1200-1300, by mid 2023 it will be £3600+... does not equate to £24 a month.... ffs

I’ve done the numbers. Copying from my post #1646

I’ve just had a look at my numbers. SVR for gas and electric is now saying £130 a month based on projected annual usage. It looks like that will go up circa 70% in October to £220. However, the govt are dropping £66 a month into my account for 6 months, meaning I’ll need to cough up an extra £24 a month
 
"Come on Ponty, stick anohter 50 in the tips jar please, my chef hasn't got any gas on his meter"

sunak670-1.jpg
 
I’ve done the numbers. Copying from my post #1646

I’ve just had a look at my numbers. SVR for gas and electric is now saying £130 a month based on projected annual usage. It looks like that will go up circa 70% in October to £220. However, the govt are dropping £66 a month into my account for 6 months, meaning I’ll need to cough up an extra £24 a month

You will to cough up more after another rise of 8% in January, and 3% in April.

For those that are currently struggling will be stretched to or beyond breaking point. Perhaps you cannot grasp the reality of the difficulties that others will face, or perhaps you do not possess empathy? Seems like you subscribe to the notion of deserving poor vs undeserving poor.
 
My combined usage for this month with BG is £140.
They are charging me £306 a month at present so I assume they are building me a buffer for when the cost meets the stratosphere.
 
You will to cough up more after another rise of 8% in January, and 3% in April.

For those that are currently struggling will be stretched to or beyond breaking point. Perhaps you cannot grasp the reality of the difficulties that others will face, or perhaps you do not possess empathy? Seems like you subscribe to the notion of deserving poor vs undeserving poor.

I’ll admit, £24 a month won’t break me. For those it does, they should receive help. If the help was more focused, those with the greatest need could receive more help. You may not think so, but that’s my real frustration. I don’t think govt help should be given to those who simply need to make lifestyle and discretionary adjustments.
 
Being in the heating trade for the last 30yrs I’ve noticed how much more used to being warm we’ve become. In recent years people have forgotten how to put a jumper on when we get a damp, slightly chilly day in May or September or any time in between. When I was growing up my father refused to put the heating on before November. A lot of people are going to struggle to adjust to that now.
 
Being in the heating trade for the last 30yrs I’ve noticed how much more used to being warm we’ve become. In recent years people have forgotten how to put a jumper on when we get a damp, slightly chilly day in May or September or any time in between. When I was growing up my father refused to put the heating on before November. A lot of people are going to struggle to adjust to that now.
You are quite right there.
I advise thermal onesies for all.
 
Being in the heating trade for the last 30yrs I’ve noticed how much more used to being warm we’ve become. In recent years people have forgotten how to put a jumper on when we get a damp, slightly chilly day in May or September or any time in between. When I was growing up my father refused to put the heating on before November. A lot of people are going to struggle to adjust to that now.

Maybe it is growing up with a Dad who made them sit in a freezing cold room wearing a jumper is why they put the heating on?

Funny how countries that have proper winters never sit around their house shivering in jumpers.

For context my old man worked for British Gas for 48 years and I grew up in a barn, he created his own settings on the gas fire because it wouldn't go low enough. Now when I go around to his it is like walking into a furnace, and yes he is a selfish prick.
 
Not yet.
The companies are aggregating the estimated years costs.
Wait until October then January…

Not really my son and daughter are both hitting £200 a month each my son is a chef on about £14 an hour.

Plus don’t forget October and January’s rises are in the pipeline so probably looking at about £500 a month for me and the wife if we pay the bills that is.

I did an online quote with Octopus the other day for a one year fix they quoted £680 a month.

So Octobus aggregate this cost to a yearly figure of £8160, that beggars belief that anyone can be quoted that figure.
 


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