54% increase - Was No to fix before hand the wrong advice ?

Fred2712

So 54% increase on the standard variable rate just announced, I fixed a while ago so was Martin’s advice not to fix wrong ?

emmajones1976

Yes and no. Based on April prices, yes . Based on the prices for the last few months, no.

Only you can work it out to see what the overall answer is.

spot1034

You'll have paid higher prices since, whereas you could have stayed on the lower SVT until April. It is entirely possible that wholesale rates will have fallen by then and cheaper fixes will be available - however it is also possible that this will not be the case. In short, nobody knows.

meinnit

Fred2712 said:

So 54% increase on the standard variable rate just announced, I fixed a while ago so was Martin’s advice not to fix wrong ?

It was the best advice based on the information available at the time

EssexHebridean

With hindsight - possibly yes. without hindsight, definitely no. We could all give better advice retrospectively once we know what has happened - all we can do prior to that though is advise to the best of our ability using the information available at the time. This applies to Martin every bit as much as anyone else - he has throughout this situation caveated pretty much everything with "we can't be sure what's going to happen". 

ProDave

The advice was stay on the SVR unless you can find a fix not more than 40% above the SVR at the time.  There were a few such deals around and a few of us switched to such a fixed rate that will only now save us a small amount from April but it will also protect us from any possible rise next October.

razord

There will also never be an answer that is universal for everyone. Because this price cap rise is so heavily weighted to gas (~37.5% elec increase vs ~90% gas increase) - it also depends how much of each you use.

[Deleted User]

Bear in mind that in offering a one year (or more) fix suppliers have not only to include the 54% increase in the Cap in April but also the XX% rise in October plus an estimate of future wholesale costs.

Astria

Fred2712 said:

So 54% increase on the standard variable rate just announced, I fixed a while ago so was Martin’s advice not to fix wrong ?

Depending on the fix you could have signed up for it could have been the correct move.

The question is, this is the new cap amount, what will energy providers do with it?

boniouk

Can someone explain what this cap is? It appears so vague as they say it can rise to £1,971. but it can be more or less if you use more or less.... I was expecting a cap on the rate per hour of Kwh? But this just seems to be a rough cap on average bills, nothing more. Can i find the ACTUAL CAP on the granular metrics anywhere?

jimjames

Guess it also depends what/if the government does to assist households. If it's based on the SVR not fixed rates then anyone who has fixed might not be so advantaged either