Rising cost of living

[Julian]

Originally Posted by Jaymoss

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]

Originally Posted by Julian

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]

Speaking of distribution costs, Western Power Distribution is being acquired by National Grid from September.

[Julian]

Originally Posted by 1andrew1

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]

Originally Posted by Julian

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]

Originally Posted by Jaymoss

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]

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]

Originally Posted by tweetiepooh

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]

Originally Posted by Jaymoss

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 ----------

Originally Posted by 1andrew1

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]

If this happens mortgages could rise in the Spring

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]

That's generally what happens when interest rates go up.

[TheDaddy]

Originally Posted by Pierre

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

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.

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]

Originally Posted by Damien

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