The UK energy regulator, OFGEM, is likely to increase prices by yet another 5% (on top of the recent 10% plus 4% increase ) These are TAXES - so is the increase in NI coming in 40 days.
From here:
Households expect to learn that energy bills will rise again | Express & Star
“Millions of households will find out on Tuesday about an expected rise in their energy bills from April, as regulators announce new prices for the spring and early summer months.
Watchdog Ofgem will announce the new energy price cap for April until July, as experts forecast bills will rise by about 5% compared with what they are currently.”
“Last week, forecasting group Cornwall Insights said it expects the typical annual household energy bill will rise by about £85 to £1,823.”
The reason?
“The expected rise is because of an increase in gas prices across Europe, caused by a slump in the amount of gas that is held in storage across the continent.”
From Brave AI:
“Proponents of fracking have claimed that the UK's shale gas reserves could meet the country's gas demand for decades. For instance, Cuadrilla has suggested that just 10% of the gas from shale deposits in Lancashire and surrounding areas could supply 50 years' worth of current UK gas demand.”
Maybe there’s a bunch more under the Irish Sea or in other places in the United Kingdom - who knows? It is a taboo topic. Suffice to say, the government sets policy for shutting down “fossil fuels” and has set up a “regulator” to set a “price cap” that is based on the mandated “renewable energy” and imported gas and oil.
Bottom line? The UK’s war on hydrocarbons by the net zero freaks means that the UK will IMPORT the very natural gas that it has in abundance AND pay higher prices for the privilege - and so will jack up energy prices because of external supply/demand factors.
A reminder. The energy regulator does not set a “cap” on prices based on the cheapest source of energy. It takes the estimated prices for the current mix of energy suppliers (all those ugly and expensive wind turbines and solar panels - and imports via “interconnectors” for French nuclear - net of all those cheap and abundant hydrocarbon fuels like gas, oil and coal) and bases the “cap” on that.
The energy policy of this and past UK governments plus the actions of the regulator, OFGEM, make these energy price increases A TAX.
The same evil, perverted logic is about to start in 40 days - the hike in employers national insurance charges with the “floor” at which national insurance applies dropped from £9,100 to £5,000 AND the rat hiked from 13.8& to 15%. This means that the cost per employee is an additional £610 AND the rate for the balance also increases by that 1.2%,
Every employer must pay this (the minimum wage has gone up to!) ad will either have to increase prices to maintain profits or reduce staff.
The public sector also has to pay the increase. The National Health Service employs 1.5 million people - costing ONE BILLION POUNDS A YEAR (9,100 - 5,100) x 15% x 1.5 million PLUS THE EXTRA 1.2% = 1.5 million times say 50,000 average times the extra 1,2% - another 900 million pounds for a total of an extra 1,9 billion pounds - call it 2 billion pounds,
The UK has around 550,000 civil servants - an extra 338 million before the extra 1.2%.
Maybe the hikes in national insurance for government employees is “a circular firing squad” - in one pocket and out the other, but 317 local authorities have raised local taxes to compensate.
Local government employs around 2 million people - another few billion A YEAR in costs. Does this number of local authority employees include NHS employees#? I do not know.
The Chancellorette of the Exchequer - Rachel from Accounts - is deluded if she thinks that the British people are not being taxed - only employers. What goes around comes around.
The corporate and self-employed sector faces a removal of over 20 billion pounds in profits - they will adjust by reducing staff or increasing prices or both, just as local authorities are being forced to do.
This is th first order impact of the massive tax increase on employers.
The next stage is the costs of rising unemployment and the demand for higher wages and salaries to compensate for the drop in the standard of living from increased energy coasts and local authority tax increases. SRIKES and civil unrest - just like the 1970’s. Tax and spend - rather than don’t tax and don’t spend.
I would say that Rachel from Accounts is as dumb as a box of rocks - but that would an insult to the rocks - and the box.
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Onwards!!!