Should i lock into a fixed deal before today's announcement?

BlackSwan83

I have heard that some people think the price cap today could be changed or scrapped (at the 11 announcement)

Should i lock into a deal now or stay in the variable i am on??

GingerTim

Only you can make that decision. I doubt anything will change after the first six months of the EPG - after that, who knows?

[Deleted User]

Hi,

you usually get 14 days to back out.

Mstty

I agree with the above unlikely to change til the summer when usage is lower but I can't see this being honoured next winter at these reduced rates. Probably some reduction but not what it is as of today on the EPG.

It's the game of roulette once again.

Astria

I'd expect some back tracking on tax, but the EPG I would expect to stay for the time being as it would be political suicide to remove it, but I don't expect it to last 2 years.

mmmmikey

A lot of people were so focused on the wholesale gas price forecasts from Cornwall Insights and the like that they convinced themselves that the fix they took out 6 months ago was in their minds guaranteed to be the best deal for them. This proved wrong, as is clear with the benefit of hindsight, because not enough weight was put on to the impact of changes to government policy and/or influence on the market.

The learning from this, in my view, is NOT that government policy is the main factor, but rather you have to look at the whole picture.

Yes, if you look at the current fiscal position, it is possible that the EPG will be unaffordable. But what about wholesale gas prices? If things come to a head in Russia and the market subsequently stabilises, the EPG could start looking affordable again.

My point really is that it's no good trying to predict what will happen to the EPG by looking at just one thing. Best thing to do is to slow down, IMHO, and take a more considered view once things have settled. Otherwise this becomes little better than gambling in the casino.

brewerdave

Killing the EPG now, would be the final nail in the Tory party coffin.
My own personal view ,(based on the tea leaves!) is that the current prices will survive until Oct. 23 ie 12 months then there will be a further adjustment upwards due to the continuing parlous state of UK finances.

CanNeverThinkOfAUsername

I can't see them ending the EPG in today's announcement, even if we have a new PM in the next few weeks/months still the EPG will be kept. Killing it off now is political suicide!

The_Green_Hornet

BlackSwan83 said:

I have heard that some people think the price cap today could be changed or scrapped (at the 11 announcement)

Should i lock into a deal now or stay in the variable i am on??

Which "some people" would that be?

Ultrasonic

Are there any fixes available that anyone could choose even if they wanted to?

In recent interviews Jeremy Hunt has specifically referred to the EPG as a positive intervention made under Liz Truss' leadership. I can't see him changing this today.

bioboybill

The BBC have just put a story up that the EPG is expected to be scaled back. Surely Truss must be on her way out? This is all she has answered to any question put to her!