Cutting energy bills a good move – but Osborne must do more December 1, 2013 EVERY little helps. George Osborne’s Autumn Statement on Thursday will contain some positive changes, for which it would be churlish not to congratulate him. In particular, energy bills are set to rise by £50 less than they would otherwise have, thanks to a partial rethink of environmental rules. It is a shame that the green [...]
Tories need to map out a tax cutting plan to ease the living cost squeeze December 1, 2013 AS THE chancellor’s Autumn Statement beckons, after a run of good economic news, it is time to address Britain’s less flattering fundamentals. Government has too much debt, the country too little to show for the recovery. Public spending at 48.4 per cent of GDP is debilitating, leaving the tax burden at its highest for 24 [...]
Government urges energy companies to freeze prices until 2015 November 29, 2013 The coalition has called on the big six energy companies to freeze their prices until 2015. According to Sky news sources, energy secretary Ed Davey has written to the country's six largest energy companies asking them to freeze their prices until the general election. Should there be no dramatic rise in the wholesale price of [...]
Analysts look to Osborne speech for giveaways November 28, 2013 UK ECONOMISTS laid out the possibilities for chancellor George Osborne’s Autumn statement yesterday, with less than a week to go until his speech. Capital Economics, PwC, BDO and IHS Global Insight issued their own expectations for the announcement, which will set the course for the government’s economic policies in the months ahead. Most expect the coalition [...]
Ofgem admits energy market is not working November 26, 2013 OFGEM’S interim chief executive Andrew Wright yesterday said he understood why the public mistrusted energy firms and denied allegations that the regulator was “feeble” and “seriously defective”. Wright told MPs on the energy and climate change committee that the retail market “isn’t working as well as it should do” and blamed a loss of confidence [...]
Severn Trent’s half-year profits fall November 26, 2013 SEVERN TRENT yesterday blamed rising costs for a 5.8 per cent fall in half-year profits, but raised its dividend and reiterated its promise to keep household bill rises below inflation. Pre-tax profits at the FTSE 100-listed water company fell to £141.4m from £150m the previous year, but the firm said that results were in line with [...]
Severn Trent sees profits slide but keeps bill increases down November 26, 2013 Water company Severn Trent has reported a 5.8 per cent fall in underlying group profit before tax to £141.3m, but says it's on target to deliver its full year expectations. In the six months ended 30 September, reported group profit suffered a 4.2 per cent loss to £255.7m. When it came to the rise in [...]
Big six energy firms hit back at Ofgem report November 25, 2013 THE BIG six energy companies defended themselves yesterday against allegations of hefty profits, after a report from regulator Ofgem showed that the generation parts of their businesses had an average profit margin of 20 per cent last year. Energy UK, which represents the interests of the big six firms, lambasted the report’s findings and asked [...]
London Report: Energy boost from Iran deal lifts the FTSE November 25, 2013 BRITAIN’S main share index rose for the first time in a week in thin trade yesterday as travel stocks rallied on expectations that a nuclear deal between oil-rich Iran and six world powers would help cut fuel costs. Airlines IAG and EasyJet, and cruise operator Carnival, rose between two per cent and 2.8 per cent [...]
Big Six domestic profits increase but overall profits suffer a drop November 25, 2013 (Ofgem) Ofgem has reported that the Big Six energy suppliers saw domestic profits jump 75 per cent last year. However, the report shows that total profits across supply and generation fell by £133m, or 3.4 per cent, on the previous year. This was a result of generation profits falling more than supply profits rose. Profits increased in [...]