Cost of living: Analyst discusses energy companies' bill plans
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Business commentator Kathleen Brooks discussed the proposed £100 billion plan to freeze energy bills for two years in the UK. Ms Brooks claimed that time was running out for the Government as the price cap for October is set to be announced tomorrow. The business commentator went on to warn that the planned announcement could see prices higher than expected. Other experts have been warning this week that the incoming energy crisis could be worse than the pandemic.
Mr Swarbrick said: “News from Scottish Power and British Gas about what they’re going to do to help their customers.”
Ms Brooks told LBC: “Yes, it looks like we might have the energy companies to thank really for coming up with a plan to try and freeze our bills.
“Scottish power’s probably got the best plan that is going out there.
“They’ve already met with the business secretary and have proposed a £100billion plan to freeze energy bills for two years.
Ms Brooks added: “Essentially this is the Government giving the energy suppliers a loan.
“A £100 billion loan, that would then be paid off over a number of years, but it would create a price cap freeze essentially for two years.
“Time is running out because we’ve got to remember the energy price cap is actually going to be announced tomorrow for October.
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Ms Brooks added: “So the next increase that we’re expecting is tomorrow, and that could be a lot bigger than people expect.
“Because it’s based on international gas prices which have been going absolutely bonkers this week with Russia threatening to cut off supply to Europe.
“We’ve seen huge spikes, even bigger than we saw in March, so it really is important to do it.
“What British gas have done is a much softer plan essentially, so it would be to give grants to thousands of households worth between £250 and £750.
“That is based on their profits and that is approximately 10% of their profit, I mean that would barely scratch the surface.
“Especially as we’re looking on a good day at the energy price cap, rising energy bills to £3500 per year tomorrow.”
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Many Britons have been slamming the Government and claiming that they have not done enough to tackle the impending crisis.
Some citizens have already started to be impacted negatively by the cost of living crisis, and have had to turn to food banks in order to survive.
Some Britons have been encouraging a boycott on energy, by cutting down use, whilst some suggest turning it completely off.
The winter is predicted to be a harsh one due to inflation in the British economy, which economists have been warned could spike to 18.6%
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MyJobQuote’s energy expert Matthew Jenkins has discussed people cutting down on their energy this winter.
Mr Jenkins said: “Embracing the switch-off can reward families and housemates with more than extra credit on their energy bills. It offers the chance for friends and relatives to spend quality time together.
“So, look for alternative entertainment you’ll all enjoy, whether that’s board games around the table, joining a bat walk or taking up yoga. There are lots of activities you can do to help you unwind from daily stresses and reconnect with people.”
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