Energy price cap falling and savings rates race past the 6% barrier

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 30 June 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

There has been plenty of doom and gloom in recent months – and today, we go searching for cheerier news.

The energy price cap will fall from the weekend, plunging to £2,074 – below the £2,500 set Energy Price Guarantee from the Government.

So, what should you be doing to prepare – and what does that mean for your usage? Will we soon see the return of fixed tariffs?

This week Georgie Frost, Helen Crane and Lee Boyce discuss the new price cap, along with a sneaky move from a major energy supplier to stop quarterly billing.

Mortgage rates are rising – that's not good news for homeowners coming up to remortgage.

However, there is some good news… This is Money has a new Navigate the Mortgage Maze column written by L&C broker David Hollingworth.

We reveal what the column is all about and details of the first one, which covers a question on many lips: how do I overpay and take advantage of a low fixed rate as much as possible?

There has been a flurry of new saving deals, with the top rates now nudging past 6 per cent – challenger banks are driving the rises, but even bigger banks are boosting some deals.

Personalised licence plates on cars have surged in popularity – but why? And what makes one worth a five-figure sum?

Can you live without sat nav, parking sensors, heated seats and a… CD player in your car? A new survey reveals the motoring gadgets we can't live without.

We talk about the scammer turned good who is worried about AI and fraud. And what money stories did Helen bring back from her Glastonbury adventure?

Transcript

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0:00.0	Welcome to This Is Money podcast. I'm Georgie Frost and joining me and Lee Boyce today is Helen Crane.
0:08.6	Now fed up as we are of all the economic gloom and doom at the moment, we're going to try for the next 45 minutes to look on the brighter side of financial life.
0:17.4	So energy bills, they're finally falling. Savings rates will they keep rising.
0:22.5	The housing market may be a bit shambolic, but This Is Money have launched a new series to help
0:27.0	you navigate the mortgage maze. We're going to talk about personalised license plates and cool
0:32.4	car features we can't live without, because, well, why not? We'll also have some tips from a scammer turned good
0:38.6	and what money stories did Helen bring back from Glastow.
0:42.9	Don't forget, you can stay up to date with all the latest breaking money news.
0:45.9	Just go to this ismoney.gov.uk or download the app.
0:50.2	Don't forget, you can stay on top of what's going on in the markets
0:52.9	by tuning in to the Digest and Invest Podcast by Itara.
0:55.9	Go to your regular podcast platform and listen on the go. Digest and Invest by Itoro, the podcast for those interested in trading and investing.
1:02.9	But first, household energy bills are set to fall this weekend as the new energy price cap kicks in. Good news.
1:10.2	Okay, so it's still a pretty chunky
1:12.1	2074 pounds, but it's the first fall in almost 20 months. And it'll be in place until the
1:19.3	start of October when, of course, it's reassessed again. So how should we prepare? Should we
1:24.2	think about fixing? But before we get to that, welcome to you both. Helen,
1:28.3	why is the price falling? So essentially it's because wholesale gas costs are going down.
1:34.9	They've been going down for quite some time broadly, but it takes a while for the market to kind of
1:41.1	adjust and to all kind of filter through down to the customer. That is now
1:45.7	happening, which is good news, as you say, still nowhere near as low as energy bills used to be
1:52.9	a couple of years ago, but it means that for the average household, you know, using the typical
	...

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