Prices rising already

[Deleted User]

Well the energy companies have started to remove cheaper tariffs , GB Energy Topaz gone today. Replaced with a more expensive one.

System

gsmlnx wrote: »

Well the energy companies have started to remove cheaper tariffs , GB Energy Topaz gone today. Replaced with a more expensive one.

Topaz was published as a limited time offer. That said, Zog raised its gas price a couple of days ago. I have just received the outcome of The Energy Group Switch Winners and the cheapest deal is 20% more a year for me ( probably less if people are already on a dual fuel contract - I have separate suppliers both fixed until the coming Spring).

A couple of other reasons to fix. The first is the fall in the £: the second is the increase in wholesale gas prices due to issues with one of the UK's storage facilities. I sense that it might be a while before we see headlines like 'cheaper than the cheapest....'

bris

Don't look up, the sky is falling...

[Deleted User]

Yep, losing 7% against the USD in a single day (worst lose in living memory) is going to increase fuel costs and the forecast is for it to be 15% fall. Given all fuels are priced in USD it will not be pretty.

ALIBOBSY

According to the times is only the worst drop in 7 years and my memory goes back further than that.

TBF there was a big drop earlier on but it rallied during the day. TBH any shock shakes up the markets and they had all convinced themselves remain would definately win

Personally I think DC made matter worse by throwing more uncertainty into the mix with his resignation.

But in good news the FTSE 100 made a small gain over the week, although the FTSE 250 didn't fair so well.

AND for the majority of the country who aren't about to retire next week or own shares nothing much changed.

http://www.telegraph.co.uk/business/2016/06/23/markets-live-will-sterling-surge-or-slump-as-the-eu-referendum-c/

Fridays always mean jittery markets, but we will see what happens next week.

Ali x

ALIBOBSY

Mind you I have to admit to having both our gas and electric on fixed rates till 2017 so we are somewhat insulated.

Ali x

[Deleted User]

From BBC
Change in £ v $ Friday 24 June
£1 is now US Dollar 1.36790 Lose in 1 day -0.11920 % Change of -8.02

And from http://www.bbc.co.uk/news/business-36611512 the 4 previous worst one day % changes post WW2

1971 Pound moves 3.4% after Nixon Shock -- cancellation of the direct international convertibility of the United States dollar to gold.
1 November 1978 4.3% "Winter of discontent" shakes global investors confidence in UK's economy.
16 September 1992 4.29% when the UK exited the exchange rate mechanism.
20 Jan 2009 Pound slides 3.9% at the peak of the financial crisis following the demise of Lehman Brothers.

ASavvyBuyer

The exchange rates for Euros & Dollars are now only about 5 cents below what they were about 10 days ago. This was before the currency speculators boosted the value of the pound hoping to make a quick killing.
Therefore, not that much of change really. Can't see it affecting prices that much, unless it is just used as an excuse to increase profits.
We are on fixed deals for the next year anyway and even before the vote, most companies had higher prices than we are paying; even the collective deals could not improve on what we had already.

teddysmum

I believe there was mention of removing VAT on fuel but the EU dictators refused it.

footyguy

gsmlnx wrote: »

Yep, losing 7% against the USD in a single day (worst lose in living memory) is going to increase fuel costs and the forecast is for it to be 15% fall. Given all fuels are priced in USD it will not be pretty.

But on Friday oil prices, which as you say are priced in USD, fell 5% too.

I suspect a larger driving factor of higher fuel prices is the fact Centrica have closed their UK gas storage facility for safety reasons, a facility that can store 72% of UK gas.
http://www.bbc.co.uk/news/business-36604520

[Deleted User]

@teddysmum

No UK Government will remove VAT from fuel ever. It raises too much money for the general tax pool. The Government borrows too much money every year as it is, so it needs all the tax revenue it can get.

Just like Nigel now says that the NHS will not get any of the EU money saved and another Brexit politician says that immigration from the EU will not be stopped either as the UK needs freedom of workers. They are both sorry if anyone was misled but tough.