The Bank of England has issued a dire warning for millions across the UK after hiking interest rates to its highest levels for over a decade.
18.04.2022 - 14:35 / dailyrecord.co.uk
New data analysed by Opinium has discovered that the recent energy price cap rise is affecting the finances of the younger generation more than any other.
Its research found that 18-34 year olds are the most likely to be cutting back on putting money into their savings (23%), investments (14%) and pensions (13%) in order to mitigate soaring energy prices.
When asked what an increase in energy bills of £700 per year would mean for them, a third (32%) said they wouldn’t be able to heat their home any more, 18 per cent said they wouldn’t be able to afford their rent, 14 per cent said they wouldn’t be able to make their mortgage payments and 16 per cent said they wouldn’t be able to afford their childcare - all higher than any other age group.
Almost half (47%) of 18-34 year olds have said they are concerned about how they will cope financially if Ofgem raises the energy price cap again in October.
Commenting on the findings, Alexa Nightingale, Head of Financial Services research at Opinium, said: “The record increase to the energy price cap that came in earlier this month comes at a time when consumers’ finances are being squeezed from all angles. With the general cost of living rising, and interest rates and inflation soaring too, many people in the UK will be feeling out of pocket.
“Our survey of 2,000 adults across the UK shows that it’s the younger generations who are going to be hit the hardest, but worryingly are the least likely to know about the rise in energy prices.”
She added: “It is likely that for many the UK Government’s Energy Bills Rebate, due in the autumn, will not go far enough, and it’s no surprise that people are already taking steps to mitigate upcoming rising costs. Some of these findings highlight the
The Bank of England has issued a dire warning for millions across the UK after hiking interest rates to its highest levels for over a decade.
BBC Scotland show The Nine, Coogan said: “It’s funny because on the one hand I’m pro-European and, I mean, when Brexit happened I was thinking of moving to Scotland. That’s what I felt.”He added: “I can totally understand the desire for Scottish independence.
With the energy price cap rising by record levels in April, millions of people may be dreading receiving their new energy bills this month.
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Mogwai have shared a soaring new single called ‘Boltfor’ – listen to it below.Released today (Apri 26), ‘Boltfor’ was “initially recorded during the sessions for ‘As The Love Continues’ at Vada Studios” according to a statement, “and then completed at the band’s very own Castle of Doom studios in March 2022.”Speaking about the song’s accompanying video, director Sam Wiehl said: “The video is a visual metaphor for the constant movement in life and the unceasing urge to move forward as individuals…in the form of a metaphysical road movie.”Watch the video below:The band will soon begin their European and UK tour in Copenhagen on April 30, heading to London’s Alexandra Palace on May 27. All original tickets will remain valid, however a new date for their Utrecht show is still to be confirmed.
A single mum has racked up £10,000 in debt as a result of the cost of living crisis which is affecting families across the UK.
New data from the Office for National Statistics (ONS) shows that around eight in 10 eligible employees had a workplace pension in April last year despite the tough economy.
Alfie Templeman has today (April 13) shared a new song – listen to ‘Colour Me Blue’ below.It’s taken from his upcoming debut album, ‘Mellow Moon’, which is set for release on May 27 via Chess Club Records/AWAL. It follows on from, ‘Leaving Today’, which arrived earlier this month, and the previously released cuts ‘Broken’ and ‘3D Feelings’, the latter of which was produced by Will Bloomfield and The Vaccines’ frontman Justin Young.Speaking about the new track, which he co-produced with Kieran Shudall from Circa Waves, Templeman said: “‘Colour Me Blue’ is a love song about that wave rushing through you that you feel when you fall in love”.Templeman is about to wrap up a run of shows across the UK and Europe, with festival slots at Brighton’s Great Escape, London’s Community Festival and Big Feastival still to come this year.He also recently announced that he’ll be embarking on two headline appearances in Australia – his debut tour in the country – on June 14 in Sydney and June 16 in Melbourne.He’ll also be supporting The Wombats on their Australian arena tour that same month.
A disabled mother who is behind a nationwide protest against the rising cost of gas and electricity has shared the struggles facing families amidst the soaring price hikes.
State Pension payments have risen by 3.1% in line with the Consumer Price Index rate of inflation in September 2021, instead of the 8% boost that would have happened if the Triple Lock policy had not been suspended due to the increase in earnings, which was deemed to be unfairly inflated by the coronavirus pandemic.
Tiffany Young sang an a cappella, bilingual rendition of the song ‘For Good’, from the popular stage musical Wicked.In a new video interview with Elle Korea, the Girls’ Generation member opened up about the stage musical roles she would like to play after her successful run as Roxie Hart in the South Korean production of Chicago. The singer named Glinda the Good Witch from Wicked (originated by Kristin Chenoweth) as the role that she hoped to tackle next.Young then launched into an impromptu, partial rendition of ‘For Good’, in both English and Korean, from the long-running musical, before recalling her emotional experience watching the production.
West Dunbartonshire’s MP has slammed the UK Government for “abandoning” local families as rocketing energy price hikes take effect.
Households across the UK have seen their energy bills soar following the recent price increase on 1 April. It was revealed last month that the Ofgem price cap will rise from £1,277 up to £1,971 – meaning the average energy bill will see an increase of around £700 a year. Most energy firms are increasing their standard tariffs to the maximum allowed by the cap, meaning millions of Brits are now left paying considerably more each month.
As of April 1, the price cap on energy bills for households in Great Britain has increased by a mammoth 54% and the pre-announced price rises add to the ongoing misery for consumers who are already suffering as food, fuel and other household bills continue to soar. Everything from energy bills to council tax, water bills and even the cost of a pint will be impacted and the Government is expected to announce an increase in the cost of prescriptions in England.
The head of Octopus Energy has warned energy prices could rise even further in the winter.