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UK Energy Crisis Looming

According to The Guardian, energy bills are set to cost households more than two months' wages in the coming months as the cost of living continues to increase at a catastrophic level. It has been confirmed that households will face soaring costs in their energy bills this October due to the energy crisis currently being experienced.


 


Ofgem has announced that they will update consumers on the price cap every three months due to the challenging winter that is forecasted. The thinking behind this initiative, instead of forcing consumers to wait the standard six months for the price cap to be announced, is so they can change and adjust their circumstances in correlation to the chaotic market.  


 


The average monthly household income in the United Kingdom next year will be £2,054, with the annual energy price will be £4,200. This will tremendously impact millions of people as it will force them into fuel poverty in some of the coldest months of the year. There have been some initiatives by the government to help the most vulnerable people within our society by receiving a bursary of £400 to help towards their energy bills, but this only scratches the surface. 


 


Martin Lewis, an English financial journalist and money-saving expert, recently spoke out on the British daytime tv show Good Morning Britain, saying that he believes that the government's inability to help in this crisis portrays them as a zombie government. He also noted that this area's scale is on the same level as the pandemic, and the government should act now.


 


Ministers are not willing to work together in the wake of this crisis due to political agendas that have been circulating since Prime Minister Boris Johnson announced he would be stepping down from office. The British people need action now. Otherwise, it will be too late, and the country will be in the midst of a crisis on a magnitude level.  


 


Countries such as France have limited the increases in power by 4%, while Spain and Portugal have approved a cap on the prices of gas used to help ease pressure on household bills. The United Kingdom could follow in similar footsteps with initiatives such as emergency grants being distributed by local councils, social tariffs and cutting VAT on energy bills, but whatever the solution, something must be done immediately. 


 


The government currently have said that they will only meet short-term responses to this crisis and are awaiting the new Prime Minister, who is set to come into office in September, to lead the way through this crisis. However, consumers need answers now and cannot afford to wait for this storm to pass, with energy prices growing at an unprecedented rate.


 


Edited by Chanelle Jassim 


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Tags: #crisis #energy #recession



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