Opposition proposals to freeze the price cap - fair for people who have fixed?

jrawle

The leader of the opposition is calling for the price cap to be frozen at the current level. A rival opposition politician made a similar call a week or so ago. Obviously this isn't the place to discuss politics. However, if such a policy was implemented, what would they do about all the people who have tried to do the right thing by signing up for expensive fixed deals? Even if they forced suppliers to waive exit fees, some people will have paid a few months' extortionate prices this summer. It's important to remember that not everyone taking fixed deals is well off, and some people will struggle to pay for their energy on their chosen fixed tariff, but signed up as it was the slightly lesser of two evils. Any comments?

GingerTim

As a great philosopher once said, 'them's the breaks' 

Mstty

The leader of the opposition has no power so it's like one of us saying it. It won't happen.

Truss and Sunak have laid out their initial plans already.

lisyloo

It was a gamble when people took the fix and they should have understood that.
so best advice is to understand the risks you are taking - always.

[Deleted User]

There will always be winners and losers when politicians get involved. One of Ms Truss’s advisors is suggesting that not everyone will get the £400 energy rebate. My advice: wait and see what happens. 

Merlin139

What about people who fixed Mortgages for say 5 or 10 years before interest rates fell to an all time low and ended up paying thousands of pounds extra per year. Should they get any compensation?

Without crystals balls we have to make judgement calls. Be they right or wrong and live with the consequences.

JIL

No idea, but something needs to be done. Its awful the eye watering profits and the man on the street being in such a situation that they are seriously so worried.

mark_cycling00

When you got your fix, you never considered how unfair it was on the 80% of the population who are unable to get a fix and will forever be stuck on variable rates?

Phlik

It's not going to happen, the cost to energy suppliers and the government would be far too high. We're all going to have to bear some of those costs.

funny.money

mark_cycling00 said:

When you got your fix, you never considered how unfair it was on the 80% of the population who are unable to get a fix and will forever be stuck on variable rates?

How do you arrive at 80%?

tc66_2

Am I right in saying that for certain fixes (Eon Next springs to mind), you are able to go back to the variable tariff with no penalties or exit fees?