Credit, Collections & Insolvency News
Ofgem boss Jonathan Brearley has told MPs the regulator expects the price cap to increase by more than £800 this October as the war in Ukraine continues to exacerbate the energy crisis. Appearing before the Business, Energy and Industrial Strategy (BEIS) Committee both Brearley and former Ofgem Chief Executive Dermot Nolan apologised for not intervening…
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Consumer spending stalled in April in the first sign that the cost of living is starting to hit the pockets of the average household, according to Nationwide Building Society’s latest Spending Report. As households appear to be starting to reduce spend, the rising costs of goods and services threatens to undermine their efforts, the data…
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A new white paper from industry body Water UK has highlighted the concerns around water bull affordability. The report sets out the sector’s vision for an improved water system in England by 2050. With water companies facing unprecedented challenges over the next three decades, the sector is calling for urgent action to avoid future generations…
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Households spent 7% more on their energy bills in April compared to March, as the increase in the energy price cap first hit household budgets. According to the latest Spending Power Report, which includes regular standing order and direct debit payments alongside card payments in its analysis, energy spending increased by almost a third (28%)…
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Energy regulator Ofgem, has proposed that the energy price cap on bills should be reviewed every three months instead of twice a year to help households. Ofgem says that at a time when consumers are being squeezed financially from all sides, it is looking at how it can use its powers to make the market…
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As the cost of living crisis bites householders across the UK, water billpayers in England and Wales have reported increased anxiety about affording their bills, with more than 61% stating they are concerned about their finances worsening this year. Research by Ofwat showed a correlation between those struggling to pay and suffering with poor wellbeing…
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Following confirmation from the Environment Secretary, Iain Coucher has been appointed as the new Chair of Ofwat, the economic regulator for the water sector in England and Wales. Coucher will take up the post on 1st July 2022. During the pre-appointment hearing held by Parliament’s Environment, Food and Rural Affairs Committee (EFRA) Coucher set out…
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Western Power Distribution (WPD), the largest electricity distribution network operator in the UK, has agreed to make a voluntary redress payment of £14.9 million after accepting it failed to meet its obligations to provide information to some of its most vulnerable customers. Network companies are required to provide additional services to households in vulnerable circumstances who are…
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United Utilities Group has announced that Louise Beardmore will take over as Chief Executive Officer (CEO) which will follow the retirement of Steve Mogford early next year. Mogford, who has been in charge of the water company for 12 years, will be supported by Beardmore, who is currently the Group’s Customer Service and People Director until…
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The amount of money that households collectively owe to their energy suppliers has doubled in the past year to reach £1 billion, with a quarter (23%) of consumers now in energy debt, according to new research from Uswitch.com, the comparison and switching service. The number of households in debt to their supplier has risen by…
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Ofwat has announced the appointment of David Black as its permanent Chief Executive Officer (CEO), following an open recruitment process. Black joined Ofwat in 2012 and was previously Chief Regulation Officer and Board member responsible for leading the PR19 price review. Throughout his time at Ofwat he has been instrumental in shaping and leading the…
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Household saving is expected to fall by 71% year-on-year to an average of £26 a week in the second quarter of 2022, as inflationary pressures drastically reduce families’ ability to save. A new study by Scottish Friendly and the Centre for Economics and Business Research (Cebr) estimates households would need to earn an extra £80…
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The new level of state pension payments which has come into effect today will see the full new state pension rise to £185.15 from £179.60 a week. The basic state pension full amount has risen from £137.60 to £141.85 – a rise of 3.1%, compared with a current inflation rate of 6.2%. That’s an extra…
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