Cost of living - latest: Britons warned they won't save this winter; advised people with credit to call their energy supplier (2023)

As we report, a lowering of the upper limit of energy prices was announced today, which will take effect on July 1.

This means the average household in England, Wales and Scotland will see their bill fall by £426.

So what does this mean for owners of electric cars, which undoubtedly use a lot more electricity.

The £1,206 reduction from £3,280 to £2,074 will be positive news for EV drivers as it means anyone using the standard domestic electricity tariff will pay less than £20 to fully charge a typical family car at home.

Those with special electricity rates for electric vehicles and taking advantage of cheap off-peak prices will still enjoy an even better price.

However, for those who travel beyond their vehicle's range and rely on fast and ultra-fast chargers, the cost is much higher, RAC spokesman Rod Dennis said.

These toll points are subject to a VAT of 20% - which is 15% more than the VAT applied to household electricity.

It is important to remember that an energy price cap is not a maximum that a household will pay for its energy, but limits the amount that suppliers can charge them per unit of gas or electricity, so that those who use more energy will pay more.

Smart meter customers with Octopus Energy will save money this winter by reducing their electricity consumption again.

The company plans to bring back its savings program, which saw households exchange light bulbs for candles in the winter of 2022-2023. to save money on energy bills.

The initiative rewarded customers for every unit of energy saved during peak periods.

Octopus said the plan shifted 1.86 GWh (gigawatt hours) of energy demand over 13 sessions - the equivalent of stopping two million washing machines.

Nearly 700,000 smart meter users took part, with £5.3 million paid out to participants over the life of the scheme.

More than £170,000 of these profits were donated by customers to the Octopus family emergency fund, it said.

The news comes after regulator Ofgem announced a reduction in the energy price cap on household bills from July.

Octopus founder Greg Jackson said the move will ensure that falling global energy costs are passed on to consumers.

"However, costs are still twice as high as before the crisis," he added.

"We will do everything we can to help customers through this crisis and we hope that the government will continue to help those who need it most."

Passengers could face a summer of "travel chaos" after Edinburgh Airport workers voted to strike over a pay dispute, a union warned.

Unite elected approximately 275 employees, including members working in security, terminal operations and search areas.

He said 85% supported union action against a 75% turnout and is now calling on airport bosses to offer an improved deal to avoid "travel chaos" over the summer.

Read more from ourScottish journalist Jenness Mitchellhere...

Hundreds of workers at a soda factory go on strike over a wage dispute.

Unite members of the Coca-Cola Europacific Partners (CCEP) headquarters in Wakefield will go on strike from June 8.

Workers overwhelmingly voted in favor of union action over a wage offer that the union said was worth an average of 6%.

The strike was to last 14 days and would consist of three 48-hour strikes and two 96-hour strikes spread over a two-week period.

“Coca Cola Europacific Partners makes billions in profits, but it brings wage cuts for the workers who deserve them,” said Sharon Graham, Unite general secretary.

Pressure on energy prices will ease from July, when we are expected to see a difference in the amount we pay to keep our homes running,zakencorrespondent Paul Kelsohe says.

Wholesale energy prices started to rise in late 2021, and the rise was exacerbated by the Russian invasion of Ukraine last February.

High energy costs have made fuel shortages "a common problem" and have "pushed millions of families into tight budgets," says Kelso, despite the government cushioning the impact with its energy support program over the winter.

But what happens in July?

Suppliers' cost to buy energy has fallen to its lowest level since 2021, Kelso explains, but this reduction won't be felt by customers until the summer as companies buy their supplies in advance.

And while prices have stabilized, bills are still more than twice what they were two years ago, he adds.

See Kels' full explanation of what today's energy price cap announcement means for our bills here...

Security guards at Heathrow Airport started a three-day strike today over a pay dispute.

Unite members have already staged 15 days of union action, including during the busy Easter period.

Heathrow said it had contingency plans to keep the airport open and operating normally, adding passengers could expect a "smooth" half-term departure.

"Passengers need not worry about a strike from Unite during the six months," said Heathrow chief executive John Holland-Kaye.

"These strikes are not necessary at all. When I speak to colleagues, the overwhelming message is that they just want to vote for our wage proposal, but Unite won't allow that."

Unite said security officers at Heathrow were paid less than workers at other major airports in London and the South East.

Fuel prices fell again after falling below 145 pence for the first time in 18 months last week.

The average price of a liter of unleaded is now 143.35p, down from 146.89p last month, according to RAC Fuel Watch.

This means that filling up a typical 55-litre family car now costs £78.84.

Diesel costs 154.31 pence a litre, down from 161.06 pence in April, meaning a car of the same size will cost you £84.87 for a full tank.

As prices continue to fall, RAC spokesman Rod Dennis says fuel prices "could bottom out in the coming weeks".

Saudi Arabia and other OPEC+ oil producers plan to cut oil production to about 1.16 million barrels per day, which Dennis says could push fuel prices "a little bit higher."

For diesel, he says it remains "vastly overpriced" across the country, despite wholesale prices being lower than those for unleaded.

Wholesale prices of the two fuels have been virtually identical in previous months, but petrol has crept up to at least 5 pence per litre.

A spike in UK borrowing costs over the past 48 hours has forced smaller UK mortgage lenders to temporarily withdraw contracts and restructure offers for new customers.

UK wages rose sharply yesterday and today (to their highest level since last year's disastrous mini-budget) after inflation data showed that price increases did not ease as quickly as hoped - leading to predictions that interest rates will have to rise again.

Central banks raise interest rates so that people have less money to spend and more to save, which tends to suppress inflation.

As Ed Conway explained in our 6:43 am post, bank rates could peak at 5.5% this year - last week's forecast was 4.75%.

Now Reuters reports that at least seven small lenders have withdrawn products or announced price revisions this week.

These lenders are primarily focused on the buy-to-rent market - and none of them are major banks.

Auto production rose for a third straight month as inventory shortages continued to ease, new data showed.

A total of 66,527 cars were produced in April, an increase of nearly 6,000 compared to the same month last year, the Society of Motor Manufacturers and Traders (SMMT) announced.

Exports drove production, rising 14.7% to 54,820 vehicles, and more than four out of five cars produced in this country went abroad.

The European Union remained the most important global market with 58% of total exports, followed by the US, China and Australia.

Hybrid electric (HEV), plug-in hybrid (PHEV) and battery electric vehicles (BEV) accounted for more than a third of total production.

Geldfeitenvergelijken.nlexpert Rachel Springall released her savings deals of the week.

Chip - Instant access powered by ClearBank

"Chip this week raised the rate on its Instant Access product powered by ClearBank to 3.75%, improving its market position. Savers looking for a competitive rate on a flexible savings account may find this deal attractive because it offers unlimited recordings. should be aware that they must have a chip subscription (for which both free and paid options are available)."

Minimum amount to open: £1

Investec Bank plc – 1 year fixed rate depositor

"Now that the contract pays 5.00%, it has improved its position in its industry against competitors and could be an attractive choice for savers looking to tie up their money for a year for a guaranteed return."

Minimum initial amount: £5,000

UBL UK – 1 Year Fixed Rate Cash ISA

“Now paying 4.35% at maturity, this could be an attractive choice for savers if they have yet to use their ISA credits but are happy with their initial investment as no further allowances are allowed.”

Minimum initial amount: £2,000

Gatehouse Bank - Easy Access Cash ISA

Savers who want flexibility with their cash ISA may like Gatehouse Bank's latest rate hike. The contract now pays an expected return of 3.55% and improves its position among the highest rate tables in its industry. The account offers a monthly expected profit option, which could appeal to savers looking to increase their income."

Minimum amount to open: £1

NatWest - 2 year flat rate ISA number 323

“This week, NatWest raised the rate on its two-year fixed-rate ISA, which now pays 4.50%. The deal stands out in its industry compared to its peers and could attract savers who plan to use their tax-free rates ISA Savers who like to tie up their money until 2025 can make further additions up to a certain date, which may appeal to those who may have excess money to invest or transfer.”

Minimum amount to open: £1,000