9/12/2023 0 Comments Pound key on cell phone![]() Here is a checklist for households preparing for the price cap, courtesy of Uswitch. "Consumers need to be proactive and prepared to move quickly if they want to lock in certainty over their energy bills with a fixed deal." "The energy market remains volatile, so deals are mostly being offered only for short periods and to limited numbers of customers. We reported earlier that consumer rights expert Martin Lewis was advising households to take meter readings ahead of price cap changes this weekend (see our post at 7.50am).Īhead of the energy price cap changing on 1 July, Uswitch energy has said it "remains vital" that households keep on top of their usage.Įnergy expert at the company Ben Gallizzi said: "Taking regular meter readings and checking the level of your direct debit are as important as ever, and it is also worth keeping a close eye on the energy market as fixed deals return. The UK currently has higher inflation than any other country in the G7 and is expected to see its interest rates peak higher than other major economies. The majority of investors now expect another 0.5 percentage point rise at the start of August. The latest analysis follows the Bank of England's decision to raise the base interest rate last week to 5% - the highest level since 2008.Įconomists had expected the Monetary Policy Committee to raise interest rates by only a quarter percentage point, but the MPC voted 7-2 for the surprise increase, explaining that it was aiming to bring higher-than-expected inflation under control and indicating concern about high wage increases and company profit margins. Last week, the peak forecast was 6% - a few months ago it was only 4.5%. They note a downturn was the price of "taming an inflation rate that remains stubbornly close to double digits".Īnalysts have also said that money markets are almost fully pricing in the Bank of England raising rates to 6.25% by December and that could see the UK economy hit a "far worse slump". The UK will be pushed into a recession by the end of the year, according to analysts at Bloomberg Economics.Įxperts at the news agency said the Bank of England - which last week shocked investors by raising interest rates half a percentage point to 5% - will tip the country into a year-long recession starting in the fourth quarter of this year. If you are not sure whether you should be receiving benefits you can use Money Saving Expert's benefits checker here. Not sure if you are able to receive benefits? Have two or more children? The maximum level of support will rise from £1,108 to £1,630 a month.If you have one child the maximum amount you will be able to claim back will rise from £646 to £951 a month.However, it is important to note that you may not be able to get the new amounts immediately as this depends on when your Universal Credit assessment period ends.įrom tomorrow, parents will still only be able to claim up to 85% of their costs, but the caps will increase to the following: Parents on Universal Credit will soon be eligible to claim hundreds of pounds more in support as the government tries to get more people back into work.įrom 28 June, a change in government support funding will help those whose costs are greater than £760 a month for one child, and £1,304 a month for two or more children.
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