Energy Bill Support and AI in Banking

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 5 August 2023

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

New data shows more than 700,000 households across Great Britain have missed out on £300 million worth of support with their energy bills. The government said in February 900,000 households were eligible to apply for a one-off £400 payment because they did not have an energy supplier that would apply it automatically. The government said it had spent more than £50m 'supporting households without a domestic energy supplier', but this data suggests just over £300 million of the possible £360 million in Great Britain had not been claimed before the deadline.

The big high street banks have been told to be more open with their customers about savings rates - what will that mean in practice?

And could Artificial Intelligence transform how banks decide whether to lend us money?

Presenter: Paul Lewis Reporters: Dan Whitworth and Sarah Rogers Researcher: Sandra Hardial Editor: Jess Quayle

(First broadcast 12pm Saturday 8th July, 2023)

Transcript

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0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio, podcasts.
0:43.3	Hello, welcome to this Moneybox podcast.
0:46.2	I'm your host, Paul Lewis.
0:47.8	Today we'll dive deep into the world of finance, bringing you expert insights, tips and advice on managing your money wisely.
0:53.8	For investments and pensions to budgeting and savings, we've got you covered. and bringing you expert insights, tips and advice on managing your money wisely.
0:58.3	For investments and pensions to budgeting and savings, we've got you covered.
1:02.0	Well, I hope you don't think I wrote that collection of cliches.
1:08.3	I asked chat GPT, an AI large language model and artificial intelligence system,
1:10.8	to write a short introduction to Moneybox. Well, it was a bit of fun for us, but now most banks are actively considering whether AI could be used to decide whether to lend us money. And if so, on what terms? More on that later. Also this weekend, the Financial Conduct Authority called nine of the biggest banks and building societies to a meeting
1:28.7	to explain why the interest they paid on our savings was, well, rubbish. But first, a Moneybox
1:34.7	investigation has found nearly three quarters of a million households who were eligible for
1:39.5	£400 of government help with energy bills have not had it, and now it's too late for them to apply.
1:46.8	The Energy Bill Support Scheme paid £400 in six instalments from October to March to millions of households on the mains electricity grid,
1:55.6	but an estimated 900,000 households in Great Britain have no direct relationship with an electricity supplier.
2:04.2	They live in park homes or on canal boats.
	...

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