Consumers Look to Change From Uncapped Tariffs
With the recent bout of energy price rises are released people are scrambling to secure themselves on capped-price tariffs to limit the effect of the savage cost increases according to the Fair Investment Company. The price comparison site warned that with additional price hikes predicted as the end of summer approaches it is imperative to get on a fixed-price product as rapidly as possible. It explained that whilst such tariffs may well be becoming less competitive it could still be worthwhile signing on to high-end rates as the large energy suppliers prime people for an ...Related Item:
By Abbi Rouse
With the recent bout of energy price rises are released, people are scrambling to secure themselves on capped-price tariffs to limit the effect of the savage cost increases, according to the Fair Investment Company.
The price comparison site warned that with additional price hikes predicted as the end of summer approaches, it is imperative to get on a fixed-price product as rapidly as possible. It explained that whilst such tariffs may well be becoming less competitive, it could still be worthwhile signing on to high-end rates as the large energy suppliers prime people for an additional round of price hikes. According to the group, the rate of energy price inflation has been so rapid that Ofgem and a governmental select committee have launched a joint investigation as to whether or not the 'big six' suppliers have been colluding to keep prices at unnecessarily high levels.
Meanwhile, the Treasury is also considering plans to wield a windfall tax on energy providers as reports of record-breaking profits continue to leak into the public domain. The Fair Investment Company pointed out that the last time such a levy was imposed was in 1997, when the funds extracted were used to offer support to hard-up people failing to keep their homes warm over winter.
Indeed, Sainsbury's Bank identifies that for a large number of us, the cost of bagging a summer deal will have to be met with credit as the increasing cost of fuel, food and energy make their presence felt. The company forecast that 42 per cent of all spending carried out in the coming months will be done by using credit cards. Credit card useage such as this would amount to about 3.29 billion pounds worth of purchases made using plastic.
For those who are facing a winter stuck on an uncompetitive tariff, applying for one of the many cheap loans available might turn out an efficient course of action. In choosing this kind of loan, people may discover they are able to pay off outstanding debts easily and switch to a supplier offering a capped-price product. Furthermore, leftover money provided by such a loan could be used to invest in energy efficient appliances and home improvements with the intention of reducing dependence on energy as the winter months draw nearer.
Talking about the decision facing the Treasury, Steve Wagner, leading energy spokesperson for the company, said: "I agree with the government that something needs to be done. The recent increases are going to start hitting households just in time for the winter months and with millions of people already in fuel poverty this is only set to get worse. On Wednesday British Gas raised their tariffs for the second time in six months, putting their gas prices up by 35 per cent and electricity by nine per cent, making them the most expensive energy tariff on the market. We expect the other big energy providers to follow suit and raise their prices too."
As such, he urged people to cap their tariffs as soon as possible.
EDF was the first provider to announce that it would be increasing prices again, with 22 per cent and 17 per cent increases ratcheted on to their gas and electricity tariffs respectively.
On top of addressing worries about soaring fuel costs, a recently released independent report has additionally known as upon Whitehall to increment the level of protection it provides to homeowners living in flood risk areas. Sir Michael Pitt, who led the review, urged the government to implement a range of measures to limit risk exposure. There was concern that a large number of would be left unable to obtain insurance, meaning that they could possibly have to resort to savings or personal loans in order to fund the cost of repairs.
Abbi Rouse writes for AllAboutLoans.co.uk, an online loans comparison site, visit us today for information on all loan topics including cheap loans applications and loans sourcing from all leading UK providers.
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