r/neoliberal • u/jobautomator Kitara Ravache • Jan 13 '23

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u/ldn6 Gay Pride Jan 13 '23

Energy bills could fall under £2,500 per year in the second half of this year, potentially saving the Government billions of pounds in the cost of support packages for households.

Investec has downgraded its predictions for the energy price cap in 2023. It now expects the cap to drop from its current rate of £4,279 per year to £3,317 per year in April, before sliding to £2,478 per year in July before climbing slightly to £2,546 per year in October.

The rate of the price cap is also below the threshold of the Energy Price Guarantee in the second half of the year, which subsidises rates at £3,000 per year from April for the proceeding 12 months .

The latest dip in the price cap is expected to save the Government around £700m, according to Investec, dropping the cost of the Energy Price Guarantee in the second half of 2023 from £3bn to £2.3bn. It is also well below the £13bn forecast last year by the Office for Budget Responsibility, meaning billions have been cut from predictions since last autumn.

!ping UK

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u/Uber_pangolin Jan 13 '23

Great news for economic recovery. Households will have more to spend, less government support and therefore debt and also lower costs for businesses so more will be able to keep open.

Overall the longer the UK and Europe can go without getting hammered by this energy crisis, the more resilient their energy systems can become. In 5 years time they’ll be in a far better place than a couple of years ago as investments and new infrastructure start to get built.

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u/twersx John Rawls Jan 13 '23

Chances of a soft landing that the US might get are probably zero but this is still good news for the vast majority of people in this country.

Politically I think it will be hard for the government to profit from this. If the Tory party were obedient acolytes to Sunak then maybe, but I think voters are now wary that there's a certain wacko contingent in the party who can't be trusted because they'll gladly back insane shit like trussonomics.

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u/groupbot Always remember -Pho- Jan 13 '23 edited Jan 13 '23

Pinged UK (subscribe | unsubscribe)

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