Christmas has come early for energy companies. They are paying the lowest wholesale rate for gas for a year. But the rest of us have seen a 21 percent increase in energy costs over the same period.
The average gas and electricity bills now come to £1,300 a year. This plunges a quarter of Britain’s population into fuel poverty—meaning they spend over 10 percent of their income on essential energy costs.
Already 60 percent of 45 to 64 year olds say that financial concerns mean they are not looking forward to the Christmas holidays. Over half of parents plan to cut back their festive spending.
But don’t expect much help from the government. It was revealed last week that more than 50 employees of EDF energy, Npower and Centrica have been working with the government on energy policy—free of charge.