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UK Energy Prices to be Lowered, Electric Car Owners to Benefit

UK Energy Prices to be Lowered, Electric Car Owners to Benefit

The energy price cap in the UK will be lowered, which will result in an average household saving £426.
Electric car owners will also benefit from the reduction, as the cost of charging their vehicles will decrease.

However, for those travelling beyond the range of their vehicle and rely on rapid and ultra-rapid chargers, the cost is much higher due to the 20% VAT applied to these charge points.

Octopus Energy is bringing back its Saving Sessions scheme this winter to help smart meter customers save energy and money.

The scheme will reward customers for reducing energy usage during peak periods and will donate a portion of the earnings to the hardship fund.

Edinburgh Airport workers have voted to take strike action in a dispute over pay, which could lead to travel chaos during the summer.

Workers at a soft drinks plant are also planning to strike over pay, with Unite members voting for a series of strikes.

The cost of wholesale energy has been rising due to the recent conflict between Russia and Ukraine.

This has resulted in higher energy costs, causing fuel poverty to become a mainstream experience for many families.

Despite the government's efforts to mitigate the impact with its energy support scheme, prices have still more than doubled in the past two years.

The cost to suppliers of buying energy has fallen, but this reduction will not be felt by consumers until the summer as companies purchase their supplies in advance.

While prices have stabilized, bills are still high.

In other news, Heathrow security guards have launched a three-day strike over pay.

The average price of a litre of unleaded fuel has fallen to 143.35p, down from 146.89p last month.

However, diesel remains overpriced.

Smaller lenders have temporarily withdrawn mortgage deals and repriced offers for new customers due to a jump in UK borrowing costs.

Car production has increased for the third month in a row as shortages of supplies have continued to ease.

This week's savings deals from Moneyfactscompare.co.uk include Chip's Instant Access powered by ClearBank with a 3.75% rate, an improved 5.00% rate from Investec Bank Plc's 1-Year Fixed Rate Saver, UBL UK's 1 Year Fixed Rate Cash ISA at 4.35%, Gatehouse Bank's Easy Access Cash ISA with a 3.55% rate, and NatWest's 2 Year Fixed Rate ISA Issue 323 at 4.50%.

Savers can find attractive deals with competitive rates and flexible options, such as unlimited withdrawals and tax-free ISA savings.

Minimum opening amounts vary per deal.
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