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Households set to be £400 worse off this tax year, report finds

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https://morningstaronline.co.uk/article/households-set-be-ps400-worse-tax-year-report-finds

Money stacked on top of a council tax bill

WORKING-AGE households are set to be an average of £400 worse off in the year ahead amid income squeezes and bill hikes, the Resolution Foundation has warned.

A new report by the think tank estimates that the disposable income of a typical household will fall by 1 per cent, while those across the poorest half of Britain are set for a sharper 2 per cent fall, losing the equivalent of £300.

One contributing factor is council tax rises, with households facing an £80-per-year average increase as rates rise by 5 per cent across most of England, 7 per cent in Wales and 9 per cent in Scotland.

Above-inflation increases in water charges will hit even harder, pushing bills up by an extra £120 on average.

Ofgem’s 6.4 per cent increase in the energy price cap adds another £111 a year on average from this month, although the Resolution Foundation believes that the impact of the change will be limited, with prices expected to fall in July.

Working-age benefits will not keep pace with inflation this year, the think tank warned, with April’s 1.7 per cent boost falling short of the 3.2 per cent consumer prices index rate projected for this year.

Meanwhile, private rents have risen by 9 per cent since the local housing allowance was last set.

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Article continues at https://morningstaronline.co.uk/article/households-set-be-ps400-worse-tax-year-report-finds

Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.
Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.
Continue ReadingHouseholds set to be £400 worse off this tax year, report finds

Anti-Drax protesters disrupt London biomass conference

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https://morningstaronline.co.uk/article/anti-drax-protestors-disrupt-london-biomass-conference

Drax Power Station near Selby

FOUR activists were removed from the Argus Biomass conference today after disrupting the Drax-sponsored event.

Posing as conference attendees, they interrupted a keynote speech by Drax chief sustainability officer Miguel Veiga-Pestana, challenging him on the company’s sustainability record and shouting: “Drax poisons people.”

The wood-burning power plant in Yorkshire, which claims to be sustainable, was recently awarded new government subsidies.

However, a BBC investigation found that Drax had been cutting wood from environmentally important forests in Canada and the firm has been fined by Ofgem for inaccurately reporting data on the sourcing of wood pellets.

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Article continues at https://morningstaronline.co.uk/article/anti-drax-protestors-disrupt-london-biomass-conference

Orcas comment on killer apes destroying the planet by continuing to burn fossil fuels.
Orcas comment on killer apes destroying the planet by continuing to burn fossil fuels.
Continue ReadingAnti-Drax protesters disrupt London biomass conference

‘The energy industry is taking us for April fools’

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https://morningstaronline.co.uk/article/the-energy-industry-is-taking-us-for-april-fools

Unite members take part in a day of action for Energy4All in Bradford, April 1, 2025 Photo: Neil Terry Photography

Energy giants rake in half a trillion pounds out of people’s misery, campaigners warn

GREEDY energy giants have raked in half a trillion pounds in profits since 2020, according to new data released today.

The End Fuel Poverty Coalition examined the accounts of 20 firms that produce, supply and distribute energy, and discovered that they pocketed more than £514 billion over the last five years.

Among the top earners were oil titans Equinor and Shell, which saw their profits swell to £140bn and £91.6bn while millions of people struggled with soaring costs.

Warm This Winter spokesperson Caroline Simpson said: “It’s incomprehensible in so many ways and plain wrong that a mere 20 companies have made so much money out of people’s misery.

“The industry can spare a few of their many billions to bring down bills, pay for energy efficient homes and switch from oil and gas to save the planet.”

Households are set to be hit by even higher bills as the Ofgem price cap rises by 6.4 per cent this week.

The average bill is expected to rise by £111 to an average of £1,849 a year.

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https://morningstaronline.co.uk/article/the-energy-industry-is-taking-us-for-april-fools

Keir Starmer says pensioners can freeze to death and poor children can starve and be condemned to failure and misery all their lives.
Keir Starmer says pensioners can freeze to death and poor children can starve and be condemned to failure and misery all their lives.

Continue Reading‘The energy industry is taking us for April fools’

Energy network owners have made £3.9bn ‘excess profit’ from higher bills, says report

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https://www.theguardian.com/business/2025/feb/20/energy-network-owners-have-made-39bn-from-higher-bills-says-report

Ofgem controls the charges made to regional energy networks through a set of assumptions and calculations. Photograph: UCG/Universal Images/Getty

Citizens Advice believes Ofgem made flawed interest rate calculation for companies in Great Britain

The companies behind Great Britain’s gas pipes and power lines have pocketed a windfall of nearly £4bn from household bills during the energy and cost crisis, according to a report.

The analysis, by Citizens Advice, argued that energy network owners were able to make the “excess profits” over the past four years after the industry regulator misjudged their costs.

The companies may have made up to £3.9bn more because Ofgem overestimated their borrowing costs as interest rates began to climb, the report calculated. It found that Ofgem allowed regional network companies to recover these costs from household bills even though many were able to secure fixed-rate terms on some of their borrowing which helped them to avoid the impact of rising interest rates.

The flaw in Ofgem’s regulation, which applies from 2021 to 2028, has meant that households were forced to pay billions in undeserved profits to companies during the cost of living crisis while racking up record levels of debt, according to Citizens Advice.

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Article continues at https://www.theguardian.com/business/2025/feb/20/energy-network-owners-have-made-39bn-from-higher-bills-says-report

Continue ReadingEnergy network owners have made £3.9bn ‘excess profit’ from higher bills, says report

Miliband urges energy watchdog to act as typical bill could rise by more than £100 a year

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https://www.theguardian.com/money/2025/feb/18/miliband-urges-energy-watchdog-to-act-as-typical-bill-could-rise-by-more-than-100-a-year

Ed Miliband, the energy secretary, has asked Ofgem to crack down on inaccurate and large bills. Photograph: Ina Fassbender/AFP/Getty Images

Exclusive: Whitehall source expects bills in England, Scotland and Wales to rise by about £9 a month over the next three months

Ed Miliband has urged the energy watchdog to take swift action as it emerged that the typical energy bill could soar by more than £100 a year amid a rise in global gas prices.

A Whitehall source said they expected bills in England, Scotland and Wales to increase by about £9 a month over the next three months in another challenge to government plans to tackle the cost of living.

They blamed volatile global gas prices linked to the end of the transit deal that enabled gas to flow to Europe, through Ukraine, from Russia.

Miliband, the energy secretary, has written an urgent letter to Ofgem, saying the price rise means the energy regulator must move faster to protect consumers.

This month, gas prices hit a two-year high, exacerbated by the lack of gas storage in Britain and Europe, combined with colder weather though prices have begun to stabilise. Cornwall Insight, a consultancy which produces closely watched forecasts for the energy price cap, is set to release its latest forecast on Tuesday.

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Article continues at https://www.theguardian.com/money/2025/feb/18/miliband-urges-energy-watchdog-to-act-as-typical-bill-could-rise-by-more-than-100-a-

Continue ReadingMiliband urges energy watchdog to act as typical bill could rise by more than £100 a year