When is the October price cap announced?

What_time_is_it

I know they went a few days early last time, but what is the current date to announce the next price cap?

Mstty

It was the 1st week in August in 2022 the 6th I believe.

No reason to suspect it won't be in the first week this year? Unless anyone knows differently.

pochase

It will be announced on the 26th of August

https://www.moneysavingexpert.com/utilities/what-is-the-energy-price-cap/

Mstty

pochase said:

It will be announced on the 26th of August

https://www.moneysavingexpert.com/utilities/what-is-the-energy-price-cap/

Thanks Pochase knew someone would know for sure. Wonder why they need 3 extra weeks this year?

pochase

I assume they want to reduce the time frame of panic between announcement and the cap to get active.

Also with the planned three monthly cap they would announce the new cap already weeks after starting the October cap.

brewerdave

Mstty said:

pochase said:

It will be announced on the 26th of August

https://www.moneysavingexpert.com/utilities/what-is-the-energy-price-cap/

Thanks Pochase knew someone would know for sure. Wonder why they need 3 extra weeks this year?

They won't be back from their Provencal holiday til then !!!

wittynamegoeshere

My crackpot theory is that the new PM takes over on September 5th, so perhaps they want it fresh in the headlines when they come in like a white knight and announce their massive subsidies of more perpetually borrowed cash to lob around at everyone.

MWT

pochase said:

I assume they want to reduce the time frame of panic between announcement and the cap to get active.

Also with the planned three monthly cap they would announce the new cap already weeks after starting the October cap.

They extended the assessment period to align more closely with the new 3 month updates, and reduced the time between the end of the assessment and the start of the new cap to try and get it more in line with reality.

wittynamegoeshere said:

My crackpot theory is that the new PM takes over on September 5th, so perhaps they want it fresh in the headlines when they come in like a white knight and announce their massive subsidies of more perpetually borrowed cash to lob around at everyone.

Amusing, but it would have taken a lot more skill at prediction than has been in evidence to have foreseen the date of the PM change at the time with was all announced some months ago

wittynamegoeshere

Ah well, I thought it was more interesting than boring old facts but thanks for the actual information!

Whoever gets in will definitely be spewing money we don't have all over the place though, all with Martin's blessing.  They'll blame him when the country goes bust.

Mstty

wittynamegoeshere said:

Ah well, I thought it was more interesting than boring old facts but thanks for the actual information!

Whoever gets in will definitely be spewing money we don't have all over the place though, all with Martin's blessing.  They'll blame him when the country goes bust.

Rishi has already said his main aim is to tackle inflation before he dishes any tax cuts so you are 50% right. I can't see him doing anything til next April if we see rises in Oct/Jan and Apr as expected and only if the public pressure is on.

wittynamegoeshere

I wonder... if the govt subsidised electricity bills by ordering the suppliers to reduce their prices and gave them a cheque each to cover this discount, then would this reduced price go into the inflation calculation, directly reducing the inflation figure immediately?

What Rishi has been doing is lobbing money at consumers, and some will inevitably blow it on tat instead of bills, increasing inflation, while the higher bills also contribute to inflation too.  This was definitely inflationary, I don't think he knows what he's doing.

But it's likely that the Lib Dems will have their first stealth prime minister rather than Rishi, so we have no benchmark for what that's likely to result in...

https://www.youtube.com/watch?v=T-610c0x1ks