Triple Lock Becomes Double Lock For 1 Year

zagfles

michaels said:

simbella said:

If the triple lock is to be scrapped will the govt also outlaw companies who increase prices by "percentage of CPI increase over 12months plus 3.9%. This is becoming more popular and could lead to increases in region of 5%. Unacceptable totally

I have long thought this should be unacceptable given they I also claiming £x per month - they should be forced to give the effective £ per month over the contract.  It is also basically building in inflation so I would have thought the govt should be against for that reason - although of course this govt is ideologically against regulation of companies to protect consumers who are assumed to be able to take care of themselves. 

Another area where similar is happening is petrol retail where a 'complex monopoly' is allowing massive profit margins all resulting from the take over of Asda by a pair of petrol retail brothers who realised that Asda were driving the whole petrol price market by trying to be the cheapest supermarket.  They and their VC backers must have made a fortune simply by scrapping that policy.

If the govt could fix these two issues they could take a big chunk out of the inflation measure.

Given the massive rise in energy prices I'm surprised petrol has gone up so little (relatively). Gas and electricity up about 2-300% or so even with the price cap, petrol up maybe 20-30% (very approx)

NedS

zagfles said:

michaels said:

simbella said:

If the triple lock is to be scrapped will the govt also outlaw companies who increase prices by "percentage of CPI increase over 12months plus 3.9%. This is becoming more popular and could lead to increases in region of 5%. Unacceptable totally

I have long thought this should be unacceptable given they I also claiming £x per month - they should be forced to give the effective £ per month over the contract.  It is also basically building in inflation so I would have thought the govt should be against for that reason - although of course this govt is ideologically against regulation of companies to protect consumers who are assumed to be able to take care of themselves. 

Another area where similar is happening is petrol retail where a 'complex monopoly' is allowing massive profit margins all resulting from the take over of Asda by a pair of petrol retail brothers who realised that Asda were driving the whole petrol price market by trying to be the cheapest supermarket.  They and their VC backers must have made a fortune simply by scrapping that policy.

If the govt could fix these two issues they could take a big chunk out of the inflation measure.

Given the massive rise in energy prices I'm surprised petrol has gone up so little (relatively). Gas and electricity up about 2-300% or so even with the price cap, petrol up maybe 20-30% (very approx)

Petrol prices are directly linked to the price and supply of crude oil. This, largely, has not been affected to the same extent as gas prices have due to current global events.

Gas prices in Europe have spiked due to supply and demand issues - most of Europe's gas comes from Russia, and demand was high as stocks in Europe were low. Germany has been buying gas at any price to build stocks ready for winter, hence driving up prices. Now stocks in Europe look more healthy, and LNG imports from US and Qatar have plugged some of the supply gap, gas prices have started to fall back, although still way above 2021 prices.

xylophone

I find it strange that people are acting as if a difference between increases on salaries and increases on occupational pensions within the same employer's arrangements are anything new.

My relative often recalls the situation back in the seventies when he was working for an employer which offered a generous DB scheme.

While he and the workers were subject to pay freezes or caps of one kind or another, the pensioners were receiving uncapped RPI.....

RobM99

...were, but for how long?

xylophone

...were, but for how long?

The Scheme Rules specify how  pensions increase in payment - only a change in the Rules would alter this.