British Gas customers facing further price hikes?
British Gas customers could be facing further price hikes amid soaring wholesale energy prices. In January, the energy giant imposed a 15 per cent increase on its tariffs, bringing the average annual dual fuel bill to £1,055 - a rise of £143. Meanwhile, bills for direct debit customers increased by an average of £131 to £968.Now a statement from the firm's parent company Centrica has suggested that a further hike could be due to safeguard profit margins in the face of a doubling in wholesale gas prices. It said: "While the current outlook for gas prices does create a challenging environment for energy suppliers, we will take the necessary action to deliver reasonable margins in the retail business."City analysts predict that the rise could be as high as 18 per cent and that it will be imposed later this year. The last round of price increases prompted 100,000 of British Gas 16 million customers to leave the provider.
Share this..
Related stories
Mortgage Approvals Hit Record Lows
News that mortgage approvals for June were over 66% down on the same period last year have spooked many in the mortgage sector where hopes were growing of a possible 'bottoming out' of the market. The news from the British Bankers Association (BBA) comes just hours after mortgage specialist Paragon announced bid talks, and days after Minerva agreed in principle to a takeover. Is this the bottom...
Read MoreCouncil Tax Down As Police Pay The Price
In a sign of things to come the government has confirmed that Council tax bills in Lincolnshire are set to fall this year after the police force budget was capped. The police force in the county current has a £6 million deficit and there were calls for a near 80% increase in funding to cover the shortfall. The government has announced they will only fund a 26% increase which will mean a fall o...
Read MoreAre your insurance policies secure?
News that Aviva has taken a hit on its asset base but is still financial secure will offer at least some short term relief to consumers and investors but should we be worried about the long term stability of the insurance market? Do we need to review who we hold our policies with?
While it would be a little foolish to suggest that we should all be checking the small print of our ins...
Tesco: Save £100 on a joint car insurance policy
Taking out a joint car insurance policy when you move in with your significant other saves money, Tesco reminded customers today.A study from the car insurance provider has revealed that around two-thirds of policyholders fail to tell their insurer when they begin cohabiting.Tesco also revealed that 48 per cent of couples only notify their provider when they come to renew their policies - and 17 p...
Read MoreDrivers put brakes on second-hand spends
Drivers are planning to spend 14 per cent less on second-hand motors in the next six months than they did during the last six-month period, according to research from Sainsbury's Bank.Although 5.48 million people plan to purchase a previously owned car, they say they are only prepared to shell out an average of £4,056 each, which is nearly £1,000 less than in the previous six months.Motor mercha...
Read More