More than seven million adults still struggling to pay bills, finds FCA

WRLO Accountants — Fri, 03 May 2024 09:40:44 +0000

Around 7.4 million people in the UK struggled to pay a bill or a credit repayment in January, according to the Financial Conduct Authority (FCA). The figure is lower than last year but is still significantly higher than before the cost-of-living crisis began. According to the FCA, in January 2023, after the Russian invasion of Ukraine and the subsequent start of the cost-of-living crisis, the number of people in financial difficulty almost doubled to 10.9 million. The FCA survey also suggested 5.5 million people had missed a bill or credit payment in the six months to January 2024. In addition, one in nine people also had no disposable income, the FCA said. Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said: ‘Our research shows many people are still struggling with their bills, though it is encouraging to see some benefiting from the help that’s available. ‘If you’re worried about keeping up with payments, reach out to your lender straight away. They have a range of support options and will work with you to agree the best one for you. You can also find free debt advice through MoneyHelper.’ Internet link: FCA website

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Over a third of households across England will pay higher energy bills this winter

WRLO Accountants — Tue, 05 Sep 2023 08:20:21 +0000

More than a third of English households will see higher energy bills this winter than they did last winter, according to research published by the Resolution Foundation. Almost half of those hit by the higher bills will be in the poorest tenth of households, the report said. Ofgem is expected to announce a reduction in the energy price cap from October, with typical annual energy bills falling from £2,100 last winter to around £1,923 this winter. This fall is largely driven by falling wholesale gas prices. Although the price per unit of energy is falling, this will be offset by a rise in the daily standing charge, and the fact that last winter’s universal £400 energy support is not being repeated. As a result, the biggest falls in bills will be seen by households who use the most energy – while households who consume relatively little energy will face higher energy bills this winter. Jonny Marshall, Senior Economist at the Resolution Foundation, said: ‘The cost-of-living squeeze is far from over. And, although government schemes have improved their targeting of support throughout the crisis to those most in need, significant gaps remain which should be urgently addressed to help the most […]

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More than seven million adults still struggling to pay bills, finds FCA

Over a third of households across England will pay higher energy bills this winter