Energy prices POLL: Should the price cap be removed? | United Kingdom | New
According to the most pessimistic forecasts, energy bills are expected to exceed £5,000 a year next year. Experts from Auxilione, an energy consultancy, have warned that regulator Ofgem could set the cap at £5,038 a year from April 2023. They also predict the cap could rise to around £4,400 from here January. Meanwhile, energy regulator Ofgem said: ‘The wholesale market continues to move extremely rapidly so any forecast for next year is not robust at all at this stage and will therefore be of very limited value. , especially for consumers who should always be the main priority.
“We cannot prevent others from making predictions, but we ask that extreme caution be applied to any predictions regarding the price cap in January or beyond.”
The growing crisis has led some to call for the price cap hike to be removed.
Former Prime Minister Gordon Brown said just that earlier this week, adding that companies that refuse to cut prices should be nationalised.
He added: “Families in 2022 are about to suffer more than in 2008-09 and only bold and decisive actions from this week will save people from hardship and bring our fractured country together.”
Should the cap on energy prices be abolished? Did you say in the poll below.
Liz Truss looks likely to become the next prime minister, and she defended soaring energy company profits this week.
She dismissed the idea of hitting businesses with a windfall tax, saying it would be “bashing business”.
Ms Truss added: “I don’t think profit is a dirty word, and the fact that it has become a dirty word in our society is a huge problem.
“Now, of course, the energy giants, if they are in an oligopoly, should be held accountable, and I would make sure they are held rigorously accountable.
“But the way we trade the word around ‘profit’ [as if] it’s something dirty and evil, we shouldn’t do that as conservatives. »
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Her opponent in the Tory leadership race, Rishi Sunak, said Ms Truss’s plan to cut taxes will not help many people in need this winter.
Instead, the former chancellor suggests providing billions of pounds of additional payment support to pensioners and those on the lowest incomes.
Record corporate profits have become a huge talking point – BP announced its biggest quarterly profit in 14 years – £6.9bn – Shell posted a record profit of £9bn.
In fact, the anger against energy companies is so rampant that the Don’t Pay UK campaign – calling on people to refuse to pay their energy bills – is gaining momentum.
More than 100,000 Britons have now pledged not to pay their bills in October.
They will be tracked if one million people sign up for the campaign.
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Ofgem CEO Joanthan Brearley urged people not to join the campaign.
However, Ofgem staff have received over £1million in bonuses according to reports.
Mr Brearley, who earned more than £300,000 a year, received £15,000.
Campaign group We Own It called the bonuses a “shame”.
Director Cat Hobbs said: “At a time when millions of people are facing fuel poverty after another price cap hike, it is in bad taste that Ofgem can find tens of thousands of pounds for bosses , on top of already high salaries.”