Proposal to scrap Oct Energy Price Cap increase

jamesh8

In theory, this sounds like a good idea to help people with the Cost of Living Crisis. 

However, surely it would be detrimental for people like me who have fixed above the current Price Cap but below the proposed Oct one? 

Any thoughts on this?

dunstonh

However, surely it would be detrimental for people like me who have fixed above the current Price Cap but below the proposed Oct one? 

You don't buy a fixed rate to get the best price.   You buy a fixed rate to give you the certainty of payment level.  In doing so, you accept that there may be periods you are better off but also periods when you may not be.   A bit like a fixed rate mortgage.

Also, as I understand it, there are no such proposals.  Just an idea raised

sienew

There is already a large thread discussing this exact thing: https://forums.moneysavingexpert.com/discussion/6379442/opposition-proposals-to-freeze-the-price-cap-fair-for-people-who-have-fixed/p1

jamesh8

sienew said:

There is already a large thread discussing this exact thing: https://forums.moneysavingexpert.com/discussion/6379442/opposition-proposals-to-freeze-the-price-cap-fair-for-people-who-have-fixed/p1

Thank you. Apologies, I looked but didn’t see that thread.

pochase

Don't worry to much. There is a very small chance that the new PM will use a Labour plan.