There’s going to be some serious **** flying around shortly when the new price cap is announced.
My guess is Ofgem will delay this as long as they possibly can.
It should usually be announced 3 months before April which would make it Feb, but given the current shenanigans of the gov trying to find a way to make it seem not as bad as it is, (and it is REALLY bad - some estimates are currently quoting well over £2000 for the average user cap) and the fact that the deadline and a major fuel poverty crisis is fast approaching and the government can’t possibly reverse the vat decision without losing too much political capital (it’s only 5% anyway and given the rise is likely to be 50% it matters little), and unless the government can bring in a huge increase in tax on the energy miners/suppliers very quickly, a lot of people, particularly those on low or moderately low fixed incomes are going to find themselves unable to find the money for their energy bills.
For those who decided to temporarily cut their direct debits because their energy company went into administration, well some of them (the one who haven’t posted in the community) are going to turn a whiter shade of pale when the new cap is announced, they are only going to have until April to catch up on 3 lost months of (possibly higher) payments, and future new punitive rates.
If the government use banks to fund “government backed loans” to energy companies it’ll only be a temporary sticking plaster while the patient (us) is bleeding to death (just a bit more slowly).
I posted here but little interest (so I include that in here), I suspect no one wants bad news, hence the thread title.
ouch...that hurt you could have at least aimed much lower down.