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Gas and Electricity Prices

Discussion in 'off topic' started by gordonscobie, Sep 14, 2021.

  1. clivem2

    clivem2 pfm Member

    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 twotone like this.
  2. Ponty

    Ponty pfm Member

    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.
     
  3. matt j

    matt j pfm Member

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

    It will be the new Brexit campaign.
     
    ff1d1l, nmtjb, Curtis and 3 others like this.
  4. twotone

    twotone pfm Member

    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.
     
    clivem2 likes this.
  5. twotone

    twotone pfm Member

    Honestly you really want to step away from the computer, seriously you think people are going nuts because of £3 a week?
     
    ff1d1l, Bob McC and Mystic Mac like this.
  6. clivem2

    clivem2 pfm Member

    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.
     
    twotone likes this.
  7. twotone

    twotone pfm Member

    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.
     
  8. Seeker_UK

    Seeker_UK Feelin' nearly faded as my jeans

    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...
     
    klfrs and twotone like this.
  9. Ponty

    Ponty pfm Member

    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.
     
  10. Mystic Mac

    Mystic Mac cauliflower ears not golden ears....

    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
     
    ff1d1l, twotone, Cav and 1 other person like this.
  11. matt j

    matt j pfm Member

    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.
     
    ff1d1l, twotone, Cav and 3 others like this.
  12. Ponty

    Ponty pfm Member

    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
     
  13. matt j

    matt j pfm Member

    "Come on Ponty, stick anohter 50 in the tips jar please, my chef hasn't got any gas on his meter"

    [​IMG]
     
    ff1d1l, twotone and Mystic Mac like this.
  14. Mystic Mac

    Mystic Mac cauliflower ears not golden ears....

    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.
     
    Curtis likes this.
  15. Curtis

    Curtis pfm Member

    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.
     
  16. Ponty

    Ponty pfm Member

    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.
     
    Richard Lines likes this.
  17. Ellenor

    Ellenor pfm Member

    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.
     
    Richard Lines and PhilofCas like this.
  18. Curtis

    Curtis pfm Member

    You are quite right there.
    I advise thermal onesies for all.
     
    Covkxw likes this.
  19. matt j

    matt j pfm Member

    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.
     
    paulfromcamden and Cav like this.
  20. Olaup

    Olaup pfm Member

    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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