Autumn Statement: refocus for energy bills support
Commenting on the support for energy bills announced in the Chancellor’s Autumn Statement Sarah Pennells, Consumer Finance Specialist at Royal London, said:
"While it makes sense to target energy support at people on the lowest incomes, high energy bills affect households at all income levels. There will be many people who won’t qualify for help with their energy bills after the end of March, but who could struggle to afford to keep their home warm. The new energy price cap of £3,000 for a typical household, is 20% more than people are currently paying, and two and a half times where energy bills were last summer, when the typical energy bill was around £1,200.
"There’s a particular concern for people who are on pre-payment meters, who may have no choice but to go without heating if they can’t afford to top up their meter.
"Meanwhile, people who signed up for fixed price tariffs in recent months may have switched to the standard variable tariff on the basis that the Energy Price Guarantee would protect them for two years, and could now be worse off if they don’t qualify for any targeted help. There may be pressure on the industry to address this in coming months."
For further information please contact:
Maria Da Costa, Senior Communications Consultant
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with assets under management of £147 billion, 8.7 million policies in force and 4,232 employees. Figures quoted are as at 31 December 2022.
Learn more at royallondon.com
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