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Cameron gets tough on energy prices
pqrdef
Posts: 4,552 Forumite
David Cameron will today announce plans to force all banks to give all savers their best interest rate.
The banks will today announce the withdrawal of all accounts paying more than 0.2%.
Only joking. Not.
The banks will today announce the withdrawal of all accounts paying more than 0.2%.
Only joking. Not.
"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
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Comments
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What does the title have to do with your post?
J0 -
Cameron has instructed Ed Davey to announce plans to force energy suppliers to put all customers on their cheapest tariff.
This is a rehash of the non-story from a few weeks ago, when he misunderstood what was planned for the Energy Bill. Cameron doesn't like being wrong, so he's decided to do what he thought he was doing."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Political PR? Good luck with that Mr. Cameron....:)0
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Well the Beeb is already reporting that this will put prices up, and the government hasn't even made the announcement yet. Could be the pasty tax all over again."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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Energy companies will simply remove their lowest (and most expensive tariffs) so charge people a middle of the road rate.
The energy suppliers (basically the same energy companies) will then put up their prices to themselves. The energy companies will then report losses, blame this on government policy and then increase prices to the consumer.
The only way to resolve this is to bring the production and supply of energy in the UK back into public ownership. The provision of power to businesses and households is effectively a matter of national security, and should not be left up to predominantly foreign-owned companies.
You only have to look at how Russia, through Gazprom, effectively holds neighbouring countries to ransom by threatening to disconnect their gas supplies."When the people fear the government there is tyranny, when the government fears the people there is liberty." - Thomas Jefferson0 -
Even the energy companies dont know what the cheapest tarrif for an individual is - unless its retrospective.
I moved house recently, and gave my annula useage to work out the cheapest tarrif. Turns out its not the cheapest for me. why, because of WHAT I use the energy.
What I mean, is I was put on a tarrif that had a standing charge then cheaper units (against one with no standing charge). well, as I dont use Gas in for around 6 months of the year (cook on electric, elctric shower and dont bath, dishwasher and central heating off. the only gas I might use in the summer minths is for a bowl of hot water for cleanin, but we boil a kettle as its cheaper than heating a tank). Because of this I'd actuially have been better off on their supposidly more expensive tarrif with no standing charge.
Ultimately, the government should be forcing the energy companies to simplify how energy is priced. Simple - one price per unit. Shouldnt matter how many units you use (many tarrifs has "x"p for the first "y" units then "z"p after that), and should have no standing charge. Simple.
Its definately possible, because the two electric companies in NI, being NI Electric (well that has changed rececntly, but the pricing hasnt) and Airtricity. Both have a fixed unit price with no standing charge. Its very easy to see which is cheapest.
They have differnt prices still - for example paying via Direct debit has a different unit price to cash, and that has a different unit price to a pre-paid meeter. There are tarrifs with hoigher unit prices due a minimum % being from renewables etc etc etc.
What it would do though, is clearly show which provider would be cheepest for your given preference (method of payment and any green factors), and also a direct comparrison of how much extra you would pay for one preference over another (are you prepared to pay the extra for that green energy etc).
Its not difficult - BUT what it would do is mean it would be easy for US to tell, so much more difficult for those companies charging over the odds to hide the true cost in a tarrif that cant be worked out correctly - even if you know your annual useage.0 -
Jegersmart wrote: »What does the title have to do with your post?
J
Irony?...."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
MacMickster wrote: »Energy companies will simply remove their lowest (and most expensive tariffs) so charge people a middle of the road rate.
The energy suppliers (basically the same energy companies) will then put up their prices to themselves. The energy companies will then report losses, blame this on government policy and then increase prices to the consumer.
The one benefit it may have is reduction in switching administration costs and commission paid to the switching companies/cashback offers.
I switch annually, or every 18months.
The biggest saving I made was simply switching to DDR and online. I have made timing savings since but over time I doubt I will save anymore as it is just different positions on the same escalator.
There is a cost to close down my account, a cost to open up my account, the switching company have to be paid and I have received £30 several times and the last time £70. In addition there is the advertising cost to constantly recruit "new" customers. If there is little point in switching then these overheads should reduce and filter through to lower prices. They will wont they?;)
I have never been too bothered with standing charge v. split unit pricing. It is the total cost I look at.
The difference in the split unit price is effectively the standing charge anyway.
Perhaps we should all switch to variable plans, with no cancellation fee, and keep switch every couple of months that may make them think."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
MacMickster wrote: »You only have to look at how Russia, through Gazprom, effectively holds neighbouring countries to ransom by threatening to disconnect their gas supplies.
So where do you think that some of our gas comes from?0
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