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
Tesco looks to shake up the financial market
In a barbed attack on the UK financial system, the boss of Tesco bank has today suggested that many consumers would look towards alternative financial arrangements due to the reputation of the major high street UK banks over the last few months. Whether this is true or not is open to debate, but the fact is that Tesco bank and other "alternative providers" will be looking to make hay while the sun...
Read MoreJaguar Land Rover reports surge in sales
Jaguar Land Rover, owned by Indian giant Tata, has today revealed that sales of Jaguar's increased by 5% last month with sales of Land Rovers rising by an impressive 45%. This is a company which was recently at the centre of a tug of war between its parent company and the UK government which refused to sanction a bridging loan when the UK car industry was at its lowest point. However, it is iro...
Read MoreCan we believe the latest UK retail figures?
The Office for National Statistics (ONS) yesterday revealed December retail figures which showed an increase of 0. 3% against analysts expectations of a 1% increase. However, there is concern that these figures may well be flawed as we have seen various statistics rebased and adjusted after their initial release. So can we believe the latest UK retail figures? The problem at the moment is that...
Read MoreGuestInvest collapses but interested parties emerge
GuestInvest was something of a ground breaker in its field being the only hotel company in the UK to embrace the buy to let philosophy in its business model. In affect the hotel group sold individual hotel rooms to investors, guaranteeing them up to 52 nights free accommodation a year as well as a guaranteed income when the rooms were let. Not only did this offer an interesting investment but it...
Read MoreTesco expected to beat City forecasts
Tuesday will see results from Tesco which are expected to beat City forecasts and confirm that the group saw sales grow by 3% over the festive period. While beating analyst forecasts in the current economic climate is no small achievement, it is becoming more and more apparent that Tesco is falling behind the likes of Sainsbury, William Morrison and Asda, at least over the festive period. So are w...
Read More