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-   -   Rising cost of living (https://www.cableforum.uk/board/showthread.php?t=33710461)

Julian 25-08-2022 12:37
Re: Rising cost of living
 
Quote:
Originally Posted by Jaymoss (Post 36132326)
is that standing charge rise for both fuels combined? it is currently 72p per day combined
Pretty sure the standing charge varies across the country, it's not a fixed amount nationwide. ;)

1andrew1 25-08-2022 12:46
Re: Rising cost of living
 
Quote:
Originally Posted by Julian (Post 36132327)
Pretty sure the standing charge varies across the country, it's not a fixed amount nationwide. ;)
Whilst some of that standing charge is for distribution (and costs vary for this regionally) the increased amount which everyone will now bear regardless of location is due to failed energy providers, not increased distribution costs.

Taf 25-08-2022 12:51
Re: Rising cost of living
 
Speaking of distribution costs, Western Power Distribution is being acquired by National Grid from September.

Julian 25-08-2022 12:53
Re: Rising cost of living
 
Quote:
Originally Posted by 1andrew1 (Post 36132328)
Whilst some of that standing charge is for distribution (and costs vary for this regionally) the increased amount which everyone will now bear regardless of location is due to failed energy providers, not increased distribution costs.
Yes we have already paying an uplift for the administration of failed providers since April. This will continue and doubtless rise.

Jaymoss 25-08-2022 12:55
Re: Rising cost of living
 
Quote:
Originally Posted by Julian (Post 36132327)
Pretty sure the standing charge varies across the country, it's not a fixed amount nationwide. ;)

Ok so I should have said mine is but it is not a £1 a day yet. Is yours?

Just for reference the Price Cap does limit the standing charges also ;)

current leccy max price is Unit rate: 28.11p per kWh Standing charge: 50.27p per day

current gas Unit rate: 7.37p per kWh Standing charge: 27.22p per day

Predicted leccy Unit rate: 52.09p per kWh Standing charge: 46p per day

Predicted Gas Unit rate: 28.34p per kWh Standing charge: 45.34p per day

The gas standing charge is taking the hit in October

SnoopZ 25-08-2022 13:13
Re: Rising cost of living
 
Quote:
Originally Posted by Jaymoss (Post 36132331)
Ok so I should have said mine is but it is not a £1 a day yet. Is yours?

Just for reference the Price Cap does limit the standing charges also ;)

current leccy max price is Unit rate: 28.11p per kWh Standing charge: 50.27p per day

current gas Unit rate: 7.37p per kWh Standing charge: 27.22p per day

Predicted leccy Unit rate: 52.09p per kWh Standing charge: 46p per day

Predicted Gas Unit rate: 28.34p per kWh Standing charge: 45.34p per day

The gas standing charge is taking the hit in October
Looked up my current charges for Bulb Energy at my post code paying via Direct Debit.

Gas
Gas Unit rate 7.3437p per kWh
Standing charge 27.2192p per day (£99.35 per year)

Elecy
Electricity Unit rate 29.2394p per kWh
Standing Charge 37.9176p per day (£138.40 per year)

tweetiepooh 25-08-2022 13:14
Re: Rising cost of living
 
I can't see why others should cover for the failed retailers. You choose a smaller/cheaper deal, it fails, tough you bear the costs. You are quite willing to take the benefits but not the risks.

1andrew1 25-08-2022 13:29
Re: Rising cost of living
 
Quote:
Originally Posted by tweetiepooh (Post 36132338)
I can't see why others should cover for the failed retailers. You choose a smaller/cheaper deal, it fails, tough you bear the costs. You are quite willing to take the benefits but not the risks.
No one would take Bulb's customers - it was effectively another Lloyds bank - too big to be allowed to fail.

jfman 25-08-2022 13:36
Re: Rising cost of living
 
Quote:
Originally Posted by Jaymoss (Post 36132331)
Ok so I should have said mine is but it is not a £1 a day yet. Is yours?
I took a fix at about 50p each per day in anticipation that it'll go there in October anyway. If the announcement tomorrow changes that there's no exit fee.

---------- Post added at 12:36 ---------- Previous post was at 12:33 ----------

Quote:
Originally Posted by 1andrew1 (Post 36132342)
No one would take Bulb's customers - it was effectively another Lloyds bank - too big to be allowed to fail.
Privatising profits and nationalising losses. The lazy young people that OB loathes so much are paying thousands in tax to subsidise failing private enterprise, interest on £2 trillion of debt they didn't rack up and for pensions today for pensioners who didn't pay in enough.

All before a single penny is spent on public services today.

1andrew1 25-08-2022 13:44
Re: Rising cost of living
 
If this happens mortgages could rise in the Spring
Quote:
Britain’s Inflation Spiral Seen Pushing Interest Rates to 4%

British households might have to cope with interest rates hitting 4% as soon as next spring as policymakers wrestle with out-of-control inflation.

That’s the view coming from money markets, where traders are ramping up bets on more aggressive tightening by the Bank of England. With the gas crisis worsening and winter just months away, there’s a sense that officials will have to send the economy into a deep recession to rein in inflation running at the fastest pace in 40 years.

The rapid repricing comes as traders bet consumer costs will keep rising at a record pace, with Citigroup Inc. saying the headline rate will climb above 18% next year. The market is wagering the BOE will even leapfrog the Federal Reserve in raising rates, which has so far taken a more aggressive approach to fighting inflation.

The BOE has hiked at six consecutive meetings and opted for a larger half-point hike most recently, its largest in over two decades.
https://www.bloomberg.com/news/artic...ets-prove-true

Pierre 25-08-2022 15:21
Re: Rising cost of living
 
That's generally what happens when interest rates go up.

TheDaddy 25-08-2022 16:03
Re: Rising cost of living
 
Quote:
Originally Posted by Pierre (Post 36132365)
That's generally what happens when interest rates go up.
What generally happens is that it then gets passed on to savers but seeing as that's not happened why should the borrowing rate go up

Paul 25-08-2022 17:12
Re: Rising cost of living
 
Saving rates are never as high as borrowing rates, but my savings account rates have risen each time interest rates have gone up (with a slight lag). Not that I have much in them, but I do get the notifications.

Damien 25-08-2022 17:36
Re: Rising cost of living
 
Banks are just not as interested in customer deposits as they were 20 years ago either so the rates don't go as high as they were then.

TheDaddy 25-08-2022 17:53
Re: Rising cost of living
 
Quote:
Originally Posted by Damien (Post 36132381)
Banks are just not as interested in customer deposits as they were 20 years ago either so the rates don't go as high as they were then.
Yet they're making billions in interest by depositing them with the BoE, shysters, why do we let them get away with it


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