In 2022, the International Monetary Fund (IMF) estimated that subsidies amounted to $270 billion in China, $129 billion in Saudi Arabia, $43 billion in Germany, $19 billion in the UK, $18 billion in France, and $3 billion in the US. Although prices have decreased from last year’s peak, they remain higher than pre-war levels, exerting …
Jonathan Brearley, the CEO of Ofgem, has expressed concern about the challenges people are facing in terms of the rising cost of living, and he cannot provide any assurance that the situation will improve this winter. Dr. Craig Lowrey, a consultant at Cornwall Insight, an energy analysis firm, argues that the slight decrease in the …
Baroness Ros Altmann, a former pensions minister, criticizes the unfairness of standing charges and their impact on the poorest and single households. She argues that energy suppliers have been allowed by the regulator Ofgem to increase standing charges to cover the costs of failed energy suppliers, which she deems even more unjust. Regardless of how …
If you’re curious about how your credit balance changes over time, Octopus Energy has developed a “balance forecaster.” This tool provides insights for customers, helping them determine whether their monthly energy payments are too high or too low. By starting with a £150 monthly payment, a typical household will have a balance of nearly £500 …
Chris O’Shea, the CEO of Centrica’s parent company, British Gas, has defended the company’s large profits, claiming they are an isolated incident. He argues that British Gas cannot be accused of profiteering, as its profit margins are smaller than those of supermarkets, standing at around 2%. O’Shea highlights that the company plans to invest £4 …
Ineos’ profits, according to Sir Jim, are now mainly derived from the United States, where the Inflation Reduction Act implemented by Joe Biden has introduced a range of generous subsidies for green energy firms. He argued that there needs to be compelling reasons to invest in the UK, similar to the reasons for investing in …
The cost of living crisis has led to a significant increase in annual household bills, soaring by over £1,300 this year and 80% over the past two years, according to recent research conducted by CompareThe Market. Comparing the year to November, households spent an average of £3,280 on energy, car, and home insurance, compared to …
Ukraine and Russia are major players in the global food production industry, accounting for 53% of the global trade in sunflower oil and seeds, and 27% in wheat prior to the war, as reported by the United Nations. High inflation in Britain was initially fueled by surging energy and fuel prices, which are now starting …
When it comes to retaining heat in our homes, many people think of double glazing, loft insulation, and cladding as the go-to options. However, a new study has found a more efficient and affordable solution for cutting energy bills during the winter season. The Government’s “spend-to-save” guide to energy-efficient home improvement suggests that double glazing …
January saw a significant number of households struggling to pay their bills, highlighting the financial challenges faced after the holiday season. According to research conducted by consumer campaign group Which?, around 2.3 million households defaulted on mortgage, rent, loan, credit card, or household bill payments in January, representing an increase from the previous month’s figure …