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Energy Companies To Be Forced Into Annual Review

Energy secretary, Ed Davey, has prepared plans for an annual review into energy companies, in order to investigate and regulate competition within the sector. The review will be called for in order to ensure that energy companies are raising prices in a fair and transparent manner, and will involve access to the companies’ books in order to certify this.

€Thorough Competition Enquiry Needed’ Warns Energy Boss

The chief executive of one of the largest energy suppliers in the UK, E.On, has called for a competition enquiry into firms, to try and clear energy companies of their bad reputations. Just last week there was public outrage, as British Gas added 9.1pc on to the price of the average bill, and they were quickly followed by three other large energy suppliers.

25pc Of Over 65’s Are Worried About Staying Warm This Winter

With energy prices rising across the board, Age UK has revealed that a quarter of over 65â??s living in the UK have genuine worries about staying warm this winter. There are around 11 million over 65â??s living in the UK, and while a quarter expressed worries about staying warm, more than half say they are concerned about the rising costs of energy.

Scottish Power Latest Energy Company To Increase Prices

Scottish Power has raised electricity prices by an average of 9%, whilst gas prices are expected to rise by an average of 8.5%. The price rises will become effective from 6th December 2013, just in time for the Christmas period in a move that follows a dramatic price increase from British Gas to become the fourth major energy supplier to increase their prices.

Mobile Users To Be Able To Switch Contracts Without Penalty

Ofcom have announced changes which will mean mobile users will be able to switch contracts without paying a penalty in the event of their contract provider increasing prices mid-term. The regulator further announced that any price increases, even if their within the level of inflation, will have to be clearly communicated with customers a minimum of 30 days before the price change takes effect.

Petrol Prices In Biggest Fall Since 2008

According to the AA, petrol prices have fallen by 5.49 pence per litre, which is officially the biggest fall since November 2008, when prices fell by 11.5 pence. The current petrol price now stands at 132.16p, according to the motorists’ lobbying group, whilst the price of diesel has fallen from 142.5 pence per litre to 139.12 pence.

British Gas Hikes Prices By 9.2pc

Prime Minister, David Cameron, has urged consumers to switch energy supplier, after British Gas announced a price hike of 9.2pc in a move the PM has described as �¢??disappointing�¢??. It is thought the move will add an extra �?�£120 per year onto the average bill, making it the most expensive energy tariff ever seen in the UK, and that around 8.4million people will be affected.

Students Face Cost Of Living Crisis

The National Union of Students (NUS) have claimed that students are facing a financial shortfall of more than £7,600 a year as loans and grants are failing to keep pace with rent and the cost of living. The NUS compared the cost of lining and studying for the 39-week academic year of 2013-2014 with the typical income from government loans and grants to find the shortfall.

Government Extends Free Childcare Scheme

Four out of ten two-year-olds in England will benefit from free childcare from next September under a new scheme offered by the Government. Parents who earn under £16,190 a year will be entitled to 15 hoursâ?? worth of childcare a week, allowing the families of around 260,000 toddlers financial relief from paying to have their children looked after.

Thames Water Asks Regulator For Permission To Raise Bills

Thames Water has asked its regulator, Ofwat, for permission to raise water bills by as much as 12pc. This would come into force next year, and affect around 14 million people across the UK. If this move is approved, the average annual bill would rise by £29 before the effects of inflation are even considered.

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