Best Of

As I predicted, mandatory WFH here we come.

If we're really lucky we might even get a de facto lockdown

Huge energy price rises pile pressure on British companies

Warning of businesses going under as cost of gas set to rise by as much as 80 per cent, while electricity bills to increase by up to 30 per cent

Businesses across the UK are facing “eye-watering” rises in their energy bills because of the conflict in the Middle East, analysis for The Times suggests.

Unlike households, companies are not insulated from volatility in gas and electricity prices, which have almost doubled since the Iran war began.

The problem is particularly acute for the thousands of companies that fix their annual price tariff at the start of the financial year in April and will face an immediate sharp rise in their bills.

Analysis by the energy consultancy Cornwall Insight found that as a result of the conflict, business users’ electricity bills would rise by up to 30 per cent, while the cost of gas could go up by as much as 80 per cent. This would mean that a business such as a larger retail and leisure site, on an average 12-month electricity contract, would have an annual bill of £578,000 — £95,000 more than early last month.

For gas, bills have risen by £376,000, reaching just over £1.02 million a year, an increase of nearly 60 per cent, based on the latest wholesale prices.

On Tuesday Wael Sawan, the chief executive of Shell, warned that Europe risked fuel shortages as soon as next month. At an industry conference in Houston, Texas, he said the global oil and gas supply squeeze had already forced parts of Asia to cut energy consumption and that the “ripple effect” threatened to spread west within days.

https://www.thetimes.com/uk/politics/article/huge-energy-price-rises-pile-pressure-on-british-companies-6w9m0j0xk

Depressing. I’d much rather businesses were given some kind of some support - low interest government loans or similar - than handouts to people who can shoulder this. Loans that could bd used to install solar, heat pumps, batteries.

I include myself in this. We save for emergencies so can weather this out. We do huge mileage each year, but a lot of that is social, weekend driving that we can cut back on. We don’t need any help from the government.

OTOH , we don’t use much gas because we live in an energy-efficient flat, appropriate for two young-ish adults. I’m not sure why people like me should bail out those in big, detached houses. They’ve made their choice.

If only spongers on benefits are getting the help I doubt many will be in big detached houses , once again telling that you spew hatred on a handful of poor pensioners ( unlike the majority) who may have a decent house and no money.

30% of UK households (7mn) are in receipt of Universal Credit. Surprisingly the same spread throughout the UK (England 29% / Wales 30% / Scotland 31%). There are 9mn pensioner households.

So the workers not in receipt of UC are doing a lot of the heavy lifting for pensioners more than anyone else.

You’re obsessed with bloody pensioners receiving benefits but not working age people.

Pension is a contribution based benefit and those receiving it did the heavy lifting in the past.

Rightly or wrongly that’s the case.

Aside from a few benefits, such as contribution based JSA, you cannot say that about most who receive working age benefits and bloody labour, or some of them, want to hand more money to the Boriswave.

Personally I’d tie both pensions and benefits to GDP growth.

@malcolmg what is it with people here who are happy to dump on people who contributed to the benefits system getting something back but radiate their middle class, white, worthiness on those who largely haven’t ?

Hopefully no-one wants to see state support removed for old people but what grates is the huge sense of entitlement of the current generation of pensioners. Who are much better catered for than generations past, and also those to come. Who sound off about how they deserve the lion share of state welfare "because they worked for it", all the while denying any support to people who are actually working, and supposedly feckless and morally inferior.

Sadly all parties indulge this sense of entitlement, hoping these guys will vote for them.

It is not pensioners receiving free childcare despite family incomes of up to £200,000 a year. It is not pensioners whose children enjoy breakfast clubs and after-school clubs. It is not pensioners who get higher rate tax relief on private pension contributions. It *is* pensioners who left school at 15 or 16 and worked for more years to 65 than younger generations who left school at 21 and whose pension age is 67 or 68.

And I still believe this intergenerational spat was started by Russian trolls.

Sorry but this is a shockingly ignorant post. Look at the marginal tax rates on families earning £200k. Look at the gradual erosion of the tax advantages of DC occupational pensions as offered to younger people Vs dB pensions as typically enjoyed by older people, look at the drying up of dB scheme surpluses and the elimination of the generous early retirement provisions enjoyed by earlier generations.

And what on earth is this point about younger people being in "school" until 21 ? They're at university, pushing themselves into debt rather than enjoying the free further education offered to previous generations, trying to improve their chances in a job market being choked by excessive taxation and poor growth.

They're at University being milked.
They've been sold a university degree as the best career path, sold tuition fee and maintenance loans as being a good value investment, then charged rents at getting on for the full maintenance loan.
The system doesn't care if they get a worthwhile degree, it just wants students to borrow money to pay out as rent.

As I predicted, mandatory WFH here we come.

If we're really lucky we might even get a de facto lockdown

Huge energy price rises pile pressure on British companies

Warning of businesses going under as cost of gas set to rise by as much as 80 per cent, while electricity bills to increase by up to 30 per cent

Businesses across the UK are facing “eye-watering” rises in their energy bills because of the conflict in the Middle East, analysis for The Times suggests.

Unlike households, companies are not insulated from volatility in gas and electricity prices, which have almost doubled since the Iran war began.

The problem is particularly acute for the thousands of companies that fix their annual price tariff at the start of the financial year in April and will face an immediate sharp rise in their bills.

Analysis by the energy consultancy Cornwall Insight found that as a result of the conflict, business users’ electricity bills would rise by up to 30 per cent, while the cost of gas could go up by as much as 80 per cent. This would mean that a business such as a larger retail and leisure site, on an average 12-month electricity contract, would have an annual bill of £578,000 — £95,000 more than early last month.

For gas, bills have risen by £376,000, reaching just over £1.02 million a year, an increase of nearly 60 per cent, based on the latest wholesale prices.

On Tuesday Wael Sawan, the chief executive of Shell, warned that Europe risked fuel shortages as soon as next month. At an industry conference in Houston, Texas, he said the global oil and gas supply squeeze had already forced parts of Asia to cut energy consumption and that the “ripple effect” threatened to spread west within days.

https://www.thetimes.com/uk/politics/article/huge-energy-price-rises-pile-pressure-on-british-companies-6w9m0j0xk

Depressing. I’d much rather businesses were given some kind of some support - low interest government loans or similar - than handouts to people who can shoulder this. Loans that could bd used to install solar, heat pumps, batteries.

I include myself in this. We save for emergencies so can weather this out. We do huge mileage each year, but a lot of that is social, weekend driving that we can cut back on. We don’t need any help from the government.

OTOH , we don’t use much gas because we live in an energy-efficient flat, appropriate for two young-ish adults. I’m not sure why people like me should bail out those in big, detached houses. They’ve made their choice.

If only spongers on benefits are getting the help I doubt many will be in big detached houses , once again telling that you spew hatred on a handful of poor pensioners ( unlike the majority) who may have a decent house and no money.

30% of UK households (7mn) are in receipt of Universal Credit. Surprisingly the same spread throughout the UK (England 29% / Wales 30% / Scotland 31%). There are 9mn pensioner households.

So the workers not in receipt of UC are doing a lot of the heavy lifting for pensioners more than anyone else.

You’re obsessed with bloody pensioners receiving benefits but not working age people.

Pension is a contribution based benefit and those receiving it did the heavy lifting in the past.

Rightly or wrongly that’s the case.

Aside from a few benefits, such as contribution based JSA, you cannot say that about most who receive working age benefits and bloody labour, or some of them, want to hand more money to the Boriswave.

Personally I’d tie both pensions and benefits to GDP growth.

@malcolmg what is it with people here who are happy to dump on people who contributed to the benefits system getting something back but radiate their middle class, white, worthiness on those who largely haven’t ?

Hopefully no-one wants to see state support removed for old people but what grates is the huge sense of entitlement of the current generation of pensioners. Who are much better catered for than generations past, and also those to come. Who sound off about how they deserve the lion share of state welfare "because they worked for it", all the while denying any support to people who are actually working, and supposedly feckless and morally inferior.

Sadly all parties indulge this sense of entitlement, hoping these guys will vote for them.

It is not pensioners receiving free childcare despite family incomes of up to £200,000 a year. It is not pensioners whose children enjoy breakfast clubs and after-school clubs. It is not pensioners who get higher rate tax relief on private pension contributions. It *is* pensioners who left school at 15 or 16 and worked for more years to 65 than younger generations who left school at 21 and whose pension age is 67 or 68.

And I still believe this intergenerational spat was started by Russian trolls.

Sorry but this is a shockingly ignorant post. Look at the marginal tax rates on families earning £200k. Look at the gradual erosion of the tax advantages of DC occupational pensions as offered to younger people Vs dB pensions as typically enjoyed by older people, look at the drying up of dB scheme surpluses and the elimination of the generous early retirement provisions enjoyed by earlier generations.

And what on earth is this point about younger people being in "school" until 21 ? They're at university, pushing themselves into debt rather than enjoying the free further education offered to previous generations, trying to improve their chances in a job market being choked by excessive taxation and poor growth.

They're at University being milked.
They've been sold a university degree as the best career path, sold tuition fee and maintenance loans as being a good value investment, then charged rents at getting on for the full maintenance loan.
The system doesn't care if they get a worthwhile degree, it just wants students to borrow money to pay out as rent.

On pensions - the next comedy will be when generation rent retires.

If you own your property outright, you can live well on very little.

If they are paying full rent, many will not have the resources to retire at all - no savings, since it all went on rent.

An oncoming cliff of pensioner poverty.

All workers should have their own pensions by then because of pension auto enrolment.

If they don't that will be their own fault.

Good luck with a pension big enough to support the rental values we see.

Housing has more or less kept pace with inflation since 2006. Sustained UK wide real terms house price growth is long gone.

We are just stuck at absurd prices now.

Unless they drop by about 50%, the problems will continue.

On pensions - the next comedy will be when generation rent retires.

If you own your property outright, you can live well on very little.

If they are paying full rent, many will not have the resources to retire at all - no savings, since it all went on rent.

An oncoming cliff of pensioner poverty.

All workers should have their own pensions by then because of pension auto enrolment.

If they don't that will be their own fault.

Good luck with a pension big enough to support the rental values we see.

Housing has more or less kept pace with inflation since 2006. Sustained UK wide real terms house price growth is long gone.