Concerns Mount for Scottish Households as Energy Costs Surge
A survey reveals nearly half of Scots are anxious about affording rising energy bills coinciding with the latest price cap increase.
A recent survey conducted by Survation on behalf of Advice Direct Scotland reveals that 46% of Scots are worried about their ability to pay for energy bills over the coming year.
This concern comes as the latest Ofgem price cap rise, effective from Tuesday, will raise the cap from £1,738 to £1,849—a 6.4% increase that translates to an additional £111 on average household bills annually.
This new cap represents a substantial increase of £711 compared to the prices from autumn 2021, amounting to a 62% rise.
Advice Direct Scotland, a charity offering support for those facing energy-related financial difficulties, has emphasized the importance of submitting meter readings to energy suppliers by the end of Monday to ensure accurate billing.
The organization also urges households to review their current tariffs to explore potentially better deals available in the market.
Conor Forbes, policy director at Advice Direct Scotland, highlighted the financial strain many families are experiencing.
The increasing energy costs are exacerbating household budgeting challenges, as the latest price cap rise places additional burdens on consumers already navigating high inflation.
Meanwhile, financial institutions, including high street banks, are mobilizing efforts to support customers potentially facing financial distress due to these increasing costs.
With hikes in energy, water, and council tax bills expected, banks are preparing to monitor account activity closely for signs of financial trouble.
Santander UK, for instance, plans to proactively reach out to customers displaying indications of financial hardship.
The movement towards financial assistance has been evident, with many banks reporting increased engagement through cost-of-living hubs and webinars aimed at addressing financial struggles.
HSBC UK noted that over 300,000 customers have utilized its cost-of-living resources, while NatWest reported a significant increase in the use of savings features within its app.
In addition to energy concerns, significant changes are also set to affect the electric vehicle (EV) market, as the Treasury prepares to end the exemption for EVs from vehicle excise duty (VED).
Effective from Tuesday, all EV owners will face a minimum annual charge of £195, while those purchasing new EVs valued over £40,000 will incur a supplement of £425 annually for the first six years.
This shift in tax policy comes amidst growing concerns that it may deter consumers from transitioning to electric vehicles at a critical time in the country’s electrification efforts.
As pay increases are on the horizon for millions upon the implementation of the national minimum wage rise to £12.21 per hour from April 1, unions believe this could support economic growth amidst rising living costs.
The increase is expected to benefit over three million workers, providing up to £1,400 over the year for full-time employees.
The changes reflect a broader effort to address economic pressures and support lower-income workers during a challenging financial period for households across the country.
This concern comes as the latest Ofgem price cap rise, effective from Tuesday, will raise the cap from £1,738 to £1,849—a 6.4% increase that translates to an additional £111 on average household bills annually.
This new cap represents a substantial increase of £711 compared to the prices from autumn 2021, amounting to a 62% rise.
Advice Direct Scotland, a charity offering support for those facing energy-related financial difficulties, has emphasized the importance of submitting meter readings to energy suppliers by the end of Monday to ensure accurate billing.
The organization also urges households to review their current tariffs to explore potentially better deals available in the market.
Conor Forbes, policy director at Advice Direct Scotland, highlighted the financial strain many families are experiencing.
The increasing energy costs are exacerbating household budgeting challenges, as the latest price cap rise places additional burdens on consumers already navigating high inflation.
Meanwhile, financial institutions, including high street banks, are mobilizing efforts to support customers potentially facing financial distress due to these increasing costs.
With hikes in energy, water, and council tax bills expected, banks are preparing to monitor account activity closely for signs of financial trouble.
Santander UK, for instance, plans to proactively reach out to customers displaying indications of financial hardship.
The movement towards financial assistance has been evident, with many banks reporting increased engagement through cost-of-living hubs and webinars aimed at addressing financial struggles.
HSBC UK noted that over 300,000 customers have utilized its cost-of-living resources, while NatWest reported a significant increase in the use of savings features within its app.
In addition to energy concerns, significant changes are also set to affect the electric vehicle (EV) market, as the Treasury prepares to end the exemption for EVs from vehicle excise duty (VED).
Effective from Tuesday, all EV owners will face a minimum annual charge of £195, while those purchasing new EVs valued over £40,000 will incur a supplement of £425 annually for the first six years.
This shift in tax policy comes amidst growing concerns that it may deter consumers from transitioning to electric vehicles at a critical time in the country’s electrification efforts.
As pay increases are on the horizon for millions upon the implementation of the national minimum wage rise to £12.21 per hour from April 1, unions believe this could support economic growth amidst rising living costs.
The increase is expected to benefit over three million workers, providing up to £1,400 over the year for full-time employees.
The changes reflect a broader effort to address economic pressures and support lower-income workers during a challenging financial period for households across the country.
