Energy regulator steps up pressure on energy companies
It has today been revealed that Ofgem, the regulator for the energy industry, is unhappy about the speed at which the UK energy providers are stripping out over £500 million of excess premiums, much of which are charged to those with prepayment meters. While progress is being made on the £500 million savings there are concerns that the energy companies are "dragging their feet" at a time when prices are rising and more consumers than ever before are struggling to survive.
This is the latest in a campaign of increasing pressure against the energy companies who seem to have the UK in a stranglehold at the moment. However, despite serious pressure being exerted from many different angles the energy companies have yet to back off and reduce their prices in line with the price of oil. Many will remember they used the price of oil to increase their charges earlier in the year but now the price of oil has fallen by over 60% we are still seeing prices increase.
However, it is also worth remembering that the UK government now charge VAT on energy bills and they will also be taking 15% in taxes on these increased figures.
Share this..
Related stories
Is Barclays bank set to issue massive pay rises?
Barclays bank is rumoured to be on the verge of announcing pay rises for staff at Barclays Capital which could see some investment bankers receiving a pay rise of around 150%. In a move which is sure to attract the attention of regulators and the government, although a move which Barclays has so far denied, it would appear this is the way in which many banking giants will attempt to avoid the bank...
Read MoreShould there be more regulation of the UK insurance market?
If there is one area of household expenses which attract controversy and complaints it has to be insurance, with car insurance one which is always to the forefront. More and more people in the UK are now claiming that despite having a clean driving licence and a no-claims bonus they continue to see significations and ongoing increases in their premiums. Should there be more regulation of the UK ca...
Read MoreIs the humble cheque set to be terminated?
Despite opposition from small businesses and consumer groups, UK banks are set to vote next week on the possible abolition of cheques as a method of payment in the UK. While this has been an ongoing situation for some time, there are still around 3.8 million cheques written every day in the UK although this number has fallen by 66% over the last 20 years. So why are the UK banks looking to abolish...
Read MoreHMRC yield £23.9 billion from tax crackdown
27/05/2014 The government collected £23.9 billion in unpaid taxes for the 2013-14 tax year, the highest amount collected since records began. HM Revenue and Customs (HMRC) claimed that they collected the extra money as a result of “increased activity” which is aimed at helping to close the ‘tax-gap’. The ‘tax-gap’, which is the difference between the amount of tax that the go...
Read MoreWhy has the UK banking sector been hit so hard?
The very downbeat and depressing assessment of the UK banking sector by credit rating agency Standard & Poor's has cast a very dark cloud over the UK economy. More and more people are wondering exactly how the UK economy appears to have been hit harder than any other around the globe with the UK banking sector still under enormous pressure. It is difficult to understand exactly why the UK banki...
Read More