What can we do to tackle soaring energy bills - and are providers playing fair?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 23 April 2022

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Much bigger energy bills are on their way to households for and a warning was sounded this week that there is much worse to come.

Energy bosses told MPs that 40 per cent of households could end up in fuel poverty and raised the prospect of a ‘truly horrific’ winter, with the price cap tipped to rise another 30 per cent or more in October just as the heating goes back on.

Energy firms are not responsible for the surge in gas and electricity prices but watchdog Ofgem warned that some may not be treating customers fairly on monthly direct debit payments.

Meanwhile, This is Money has been contacted by reams of customers struggling to get incorrect bills fixed but being threatened with debt collectors by bullying energy firms.

What can be done to help customers struggling with soaring bills? Will Rishi Sunak have to step in with more meaningful help than his £200 off now, pay it back later deal? Should wealthier customers subsidise the bills of the poorer? And how do we make energy firms get their act together?

All these questions and more are tackled by Georgie Frost, Lee Boyce and Simon Lambert in this podcast.

Also on this show, how do you know if you are saving enough for retirement and are there any positives to encourage you, as more gloom-laden warnings about our pension pots pot being big enough land?

Plus, why has the Great British Rail Sale managed to get not one, not two, but all three of our podcasters riled?

And finally, why is Netflix having a wobble and does it mark a change in consumer and investor behaviour?

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.
0:06.3	And coming up, as MPs quiz energy bosses on what they're doing to help customers with growing debt, we explain what makes up your bill and give some practical advice to reduce it.
0:15.8	Also today, a World War II nurse has had her pension frozen adipitants because she moved down under. Are you saving
0:22.0	enough for retirement? The great British rails, sail, trolling commuters, and less Netflix, more chill.
0:28.6	Everyone's favourite euphemism gets the cold shoulder from subscribers. Don't forget,
0:32.6	you need to stop to date with all the latest breaking money news, just go to this ismoney.com.
0:36.3	Or download the app. E. Toro is to this ismoney.com.uk or download the app.
0:38.9	E. Toro is a social network. No, E. Toro is an investment platform.
0:45.5	It's both. That's social investing. In other words, it's where millions of people invest in stocks, share ideas, strategies and beyond.
0:56.4	E. Toro, the power of social investing.
1:01.5	Download E. Toro today from the App Store or Google Play. Your capital is at risk.
1:08.3	But first, whose responsibility is it anyway to help families struggling under the weight
1:13.6	of rising energy costs?
1:15.6	Bosses from EON, EDF, Scottish Power and British gas owner Centrico were quizzed by MPs on
1:20.6	what they were doing to support customers after complaints that suppliers were forcing people
1:24.6	onto more expensive variable tariffs.
1:26.6	In response, the chief execs called on the government to offer more support,
1:30.4	with bills expected to rise by another £600 this October.
1:35.5	Simon, just firstly, how bad is this going to get?
1:40.2	And what can and should be done about it?
1:42.4	Whose responsibility?
1:44.2	Ultimately, it is people's responsibility to pay for their energy bills.
	...

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