How bad will the energy crunch get? Plus an underpaid state pension update

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 24 September 2021

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

The week began with an energy crunch, as households woke up to the problems sending gas prices spiralling - and the impact that could have on their bills.

It ended with a needless rush on petrol, as people were told there was no need to panic buy fuel… and some promptly panic bought it.

The petrol issue we’re told is to do with a shortage of HGV drivers to deliver fuel, the gas problem is unfortunately far more complex.

The immediate impact for households is that some are finding their energy supplier has gone bust and they are being transferred elsewhere, others are discovering they can’t switch, and many are staring down the barrel of a potential big imminent price cap rise followed by another next spring.

In this podcast episode, This is Money’s energy and consumer correspondent Grace Gausden explains what’s happening and Georgie Frost and Simon Lambert discuss the implications with her.

In the second part of the podcast, Tanya Jefferies joins to talk about the National Audit Office report into underpaid women’s state pensions, which highlighted her and our columnist Steve Webb’s work in exposing the fiasco,

Tanya updates us on their investigations and what may happen next.

And finally, there’s a new bank in town: Chase. Well it’s actually a very old one, because it’s JP Morgan launching current accounts in the UK under the Chase brand.

It’s got 5% interest, with a catch, 1% cashback and some nifty features. Is it worth getting?

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and alongside me and editor Simon Labbert.
0:05.1	The part one of today's show is consumer expert Grace Gorsden.
0:08.9	She'll be taking a look at the current energy crisis and what you should do if your firm goes bust.
0:13.8	Then Pensions and Investments editor Tanya Jeffries will take the baton to update us on the state pension fiasco.
0:20.2	Plus Simon runs a rule over Chase, the new current account from J.P. Morgan.
0:24.1	Don't forget you stay up to date with all the latest breaking money news, just go to this ismoney.com.
0:28.1	UK or download the app.
0:30.5	But first, last week it was stagflation.
0:33.9	Now, it's high energy prices and rationing of oil and petrol to four courts.
0:38.5	Are the 70s back?
0:40.4	Are we in line for a second winter of discontent?
0:43.8	High inflation, higher bills, universal credit uplift disappearing,
0:46.8	the end of furlough, tax hikes on the horizon.
0:49.1	Before we get stuck into the energy situation with Grace,
0:52.3	Simon, is there trouble ahead? The 2020s, hey,
0:57.9	aren't they just the gift that keeps on giving? Yes. So we had the decision, the curious
1:06.8	decision of petrol retailers and the government to tell people not to panic buy fuel yesterday.
1:14.5	Don't press the red button. No, no, don't press that red. No, don't press that red button.
1:19.7	Yeah, so people are panic buying fuel now. At the end of a working week, which started with an energy
1:25.8	crisis to do with our gas, has now ended
1:28.3	with panic buying fuel. We've already got supermarket shelves that are half empty, and I'd like to
1:34.3	tip my hat to the co-op, my local co-op, that has decided to try to cover up the empty shelves in
	...

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