Fuel Poverty To Be Tackled By UK Government
The UK government has announced plans to share customer income figures with energy companies to ensure that those who are in the fuel poverty trap receive the help that they need. The term fuel poverty relates to households which spend more than 10% of their monthly income on energy costs.
The UK government estimate that around 2.5 million people are currently in the fuel poverty trap, but Energywatch claim that this figure is actually more than 4 million. The move has been welcomed by a number of charities but there are concerns how secure the income data will be and how the price reductions will be funded.
The authorities claim that by targeting existing fuel poverty funding they will be able to lift the vast majority of those suffering, out of the fuel poverty trap. The government are also likely to encourage further use of the so-called ‘social tariffs’ which are reserved for those in the greatest need of financial assistance.
This move has been on the cards for some time since the government threatened the energy companies with sanctions unless they addressed the problem. Rather than give the government reason to implement additional tax charges on the sector, the energy companies appear to have caved in to the government’s demands.
Share this..
Related stories
Sterling falls to 2 month low against the dollar
The UK currency is again under pressure after revised gross domestic product figures fell short of economist's expectations within 0.2% contraction in the UK economy in the third quarter against expectations of a 0.1% reduction. While the consensus opinion is that the UK will move out of recession in the final quarter of 2009 there is concern at the sluggish performance of the economy over the las...
Read MoreEU pension timebomb starts ticking
As the UK government gets set to tackle the UK public sector pension deficit, with rumours that employees will be asked to contribute more in the future, there is growing concern about a similar situation in the European Union. Estimates with regards to Europe suggest that the ratio of pensioners to workers in Europe could double in the next 50 years which would place massive pressure upon state p...
Read MoreIs JP Morgan leaving Glasgow?
Around 900 finance workers in Glasgow are this morning waking up to news and rumours that JP Morgan, the American financial giant, is potentially looking to scale back its UK operations. This comes only hours after the company admitted that a new international investment operation would be based in the US as a direct consequence of the ever-growing tax burden on UK financial companies. So is the U...
Read MoreTax affairs of BBC higher earners questioned by authorities
It has been revealed that a number of high-profile and highly paid presenters at the BBC are officially employed on a freelance basis despite the fact that they are for all intensive and purposes full-time members of staff. It is alleged that a number of these high paid presenters have set up their own private companies into which their income from the BBC is paid in order to take advantage of mor...
Read MoreAre UK homes still over valued?
There is a growing debate about the UK housing market which many are still suggesting has further to fall. Indeed there was even a report earlier this week from Global Insight which forecast that by the end of the recession the UK housing market would have lost 35% of its value from the peak. So what is going on?
Even Gordon Brown has entered the debate by suggesting that home own...