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Money Box: Energy costs versus incomes

16/07/2022

Energy costs versus incomes

BBC Radio 4 - Money Box, Energy costs versus incomes

How will families on low incomes be impacted by rising energy prices next year?

New figures take a look at how much of our incomes we could be spending on energy next year.

Families on a low income face spending more than a quarter of the money they have left after paying their mortgage or rent on energy bills from April next year.  The Joseph Rowntree Foundation says it's even tougher for single people on a low income with no children, where it rises to more than two thirds. The calculations are based on latest predictions from the energy analyst Cornwall Insight, which says the typical annual bill could reach more than £3,300 in the new year.  The data also shows that the government's £37 billion support package has reduced costs this year.   We'll get reaction from the government, the energy regulator Ofgem, and Energy UK who represent the industry.

It's not long until school's out for summer, in England and Wales at least - Scotland and Northern Ireland are already deep into that school summer break. We'll take a look at what financial support is on offer for families to help with costs.

How rising inflation is pushing more people into higher tax bands and what you can do about it.

And the listener who paid off her mortgage, only to discover the bank had used her money to pay off someone else’s.

Presenter: Felicity Hannah
Reporter: Katie Barnfield
Researcher: Sandra Hardial
Editor: Jess Quayle

(First broadcast 12pm Saturday 16th July, 2022)

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