E.On announces average price rise of 3.7 per cent for dual fuel customers December 6, 2013 UK energy supplier E.On has announced a rise in its average duel fuel bill of 3.7 per cent effective from January 2014. E.On said the increase in the dual fuel tariff would amount to an extra £48 being added to customers bills. Those on electricity only variable tariffs will also see a 3.7 per cent [...]
Our at-a-glance guide to Osborne’s mini-budget December 5, 2013 Growth up, borrowing down, yet the debt is still rising. Another raid on the banks, but shops to gain from reduced business rates THE UK ECONOMIC OUTLOOK● The Office for Budget Responsibility (OBR) has revised up its forecast for economic growth and revised down its prediction for inflation. It expects unemployment to drop quickly next [...]
Timid new policies do little to address the risks behind Osborne’s good news December 5, 2013 FOR THE first time since before the financial crisis, the chancellor of the Exchequer was able to stand up and announce some good news at the Autumn Statement yesterday: the deficit, the labour market, and growth are all better than expected. Alistair Darling started by predicting a “trampoline” recovery when the recession first hit, with [...]
The chancellor did nothing to reverse the decline in long-term savings December 5, 2013 THE AUTUMN Statement confirmed what we already knew. The UK recovery is on track and is set to strengthen. The Office for Budget Responsibility (OBR) now expects growth of 1.4 per cent in 2013 and 2.4 per cent in 2014. In fact, these forecasts will likely be exceeded. And together with the astute announcements of [...]
Osborne sticks to £50 pledge on energy bills December 5, 2013 CUSTOMERS will save around £50 on their energy bills through green policy reforms, the government confirmed in yesterday’s Autumn Statement. Some green levies will be reduced or shifted into taxation and three new energy-saving schemes will be implemented as part of the policy overhaul. “The government cannot control the price of energy in the global [...]
Reactions to the chancellor’s statement December 5, 2013 THE BUSINESS GROUPDirector general of the CBIJohn Cridland The CBI had lobbied the government to cap business rates at two per cent and support business finance. “We have always advocated the dual approach of tackling the deficit and driving growth – the OBR forecasts confirm it is working. Let’s stick with what works. “The pressure [...]
Erratic and arbitrary UK renewable subsidies are likely to end in failure December 4, 2013 WITH Centrica threatening to pull the plug on a £2bn offshore wind farm if the government did not increase already exorbitant subsidies, ministers agreed to do just that. Yesterday, they announced they would slow the planned reduction in the guaranteed strike price for offshore wind by adding £5 to the subsidy – to £140 per [...]
Forecast points to £3bn in gifts from Osborne December 3, 2013 AS CHANCELLOR George Osborne’s Autumn Statement draws nearer, a new report today lays out what is expected from the Treasury. EY’s Item Club are the latest group to suggest Osborne’s giveaways will run to around £3bn, projecting that the Office for Budget Responsibility (OBR) will slash the UK’s borrowing forecast to £110bn. This would mean [...]
City A.M.’s bumper Autumn Statement preview December 3, 2013 As chancellor George Osborne gets set to unveil this year's Autumn statement on Thursday, we've pulled together all the expected announcements, and what others are hoping for. Ladbrokes have 11/5 odds on the speech to run for 45 to 50 minutes (it's scheduled to start at 11.15am). You'll get 6/4 odds on the speech running [...]
E.ON warns that rising wholesale prices lie out of its and the government’s control December 2, 2013 Energy company E.ON has said this morning that it won't be raising its prices over the next 18 months, provided wholesale prices and network costs don't go up. It stressed, however, that prices and costs "may rise", and pointed out that neither it nor the government can control them. In a statement today, [...]