The latest @CornwallInsight prediction, based on Ofgem's new methodology, is an 81% price cap rise in Oct (taking typical bill to £3,582/yr) and a further 19% in Jan (so £4,266/yr)
Action & planning is needed now. The zombie govt needs wake up sooner than 5 Sept...
These amounts are unaffordable for millions. The Jan figure equates to 45% of the full new state pension, and a higher proportion of the old one.
The rise alone on the Jan prediction, from when the help was first announced in May, is roughly £1,400/yr...
That rise alone swallows up not just £400 help for all homes,but even the £1,200 for the poorest
This will leave many destitute. Tax cuts won't help poorest incl many elderly & disabled who've higher usage
Cutting green levy'd be just tiny sticking plaster on a gaping wound...
The leadership debate must not ignore this portentous national cataclysm any more.
-They can't say they weren't warned
-The excuse "we need to wait for Ofgem figure" doesn't wash. In May govt asked Ofgem for forward guidance & made plans based on that. It can do the same now..
An action plan is needed TODAY
They are all in the same party, let's call on them to come together for the good of the nation rather than personal point scoring
People's livliehoods, mental wellbeing & in some cases very lives depend on this
This is a desperate
Pls share
• • •
Missing some Tweet in this thread? You can try to
force a refresh
NEWS:
I feel sick writing this!
I've just got the latest price cap predictions from @CornwallInsight. A huge spike in the key year-ahead wholesale price means
OCT cap prediction UP 64% (so £3,244/yr on typical bills)
JAN cap prediction UP 4% (so £3,363/yr)
/contd
It's horrendous. Especially as we're now near the end of the assessment period that sets Oct's cap, so this is the right ball park.
The Oct prediction is now £450/yr HIGHER than Ofgem mooted in May & that was what Sunak based the £400-£1,200/yr help on.
More will be needed!
Please share - people need to know what's coming to see if they can prepare for it.
I'd like to formally apologise to the @ofgem staff for losing my rag in a background briefing just now and saying its changes are a "fucking disgrace that sells consumers down the river".
I should've behaved better. My ire's institutional not individual, its was inappropriate...
I lost it when getting a briefing about today's proposals, where it feels like at every turn, in these desperate times where lives are at risk, it has ignored all asks for consumers and instead kowtowed to the industry (I hope history proves me wrong)...
My breaking point was when hearing how instead of listening to calls to scrap its proposed market stabilization charge, it was making it harsher to really 'stop the harmful effects of competition'
Ie staggeringly its aim's to effectively STOP firms undercutting the price cap...