Can we do anything to stop our energy bills soaring?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 28 January 2022

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s almost crunch time for our energy bills, with the new price cap that will kick in from 1 April due to be announced in just over a week.

At that point those on variable rate price cap-linked tariffs will know how much their bills will rise by – a figure that’s widely expected to be 50%.

But the worst of the bill shock pain will be felt by others, those with fixed rate deals cheaper than the current price cap but that are soon due to end.

So, can people on either variable or fixed deals do anything to stop their bills soaring? Is there any merit in trying to fix?

And what should we do to help the households for whom this will be not just another blow from the cost of living crunch, but a shove into fuel poverty?

On this week’s podcast, Georgie Frost, Lee Boyce and Simon Lambert talk through the options for Britons facing soaring energy bills and the government and industry in trying to deal with them.

Plus, with Simon one of those people whose fix is imminently ending – in the middle of March – what are the options that his energy supplier Octopus has presented him with, and which one is he going to take? He talks us through that.

Also on this week’s podcast, the team talk through the stock market wobble, the US growth vs rising rates conundrum, and the suggestions that it might be UK shares time to shine.

And finally, Nationwide has at last raised savings rates – only a week before the Bank of England is forecast to deliver another rate rise – but will savers be cheered or disappointed?

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and editor Simon Lambert. Today is Deputy Editor Lee Boyce.
0:07.4	And the energy crisis continues with bills expected to soar. What should you do if your fixed deal is about to come to an end?
0:15.1	Many are in this position, including are Simon, but what's he thinking about doing?
0:20.2	Also today, forget awful April. It's been? Also, today, forget all for April.
0:22.5	It's been something of a joyless January for the global stock markets,
0:26.1	but is it all about Putin?
0:27.9	I'm sure he'd like to think so, but what else is at play?
0:30.7	Also, is the tech party over,
0:32.4	and our UK shares finally about to be in vogue?
0:35.5	Plus, could saving rates be about to shoot up? Probably not,
0:39.1	but we did get some good news from nationwide this week. Don't forget you stuff to date
0:42.7	with all the latest breaking money news. Just go to this ismoney.com.com or download the app.
0:48.2	But first, there was a time not too long ago when we were bombarded on our tellies and the radio, my chubby opera singers and
0:56.9	furry puppets telling us to switch our energy deals. And indeed, at the time, it was sound advice.
1:04.2	But as you won't have failed to notice, we are in the middle of a bit of an energy crisis. It seems
1:08.8	as a singer as the puppets. And indeed, the politicians have all gone a little bit quiet about what we can actually do in the face of huge rises expected in April.
1:17.2	With many people coming to the end of their fixed rate deals, you might be wondering, if this is you, what earth should I do next?
1:23.6	But firstly, now look, we don't have to go over the wholesale energy prices.
1:29.3	We know they're going up.
1:30.6	We know it's expensive.
1:31.6	We know why.
1:32.6	Simon's explained in podcast past.
	...

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