Energy price cap

‘Broken France’ feels much healthier than Britain

Some business stories are useful economic signals, some are not. For example, I’m not building any hopes on news that Ferrari sales are up 15 per cent thanks to buyers demanding ‘cashmere and corduroy’ interiors. Indicative of greater realism among the very rich is the statistic that superyacht sales are down by a third following a spectacular two-year boom. And far more worrying are other maritime bulletins, one from the Danish shipping giant AP Moller-Mærsk, the other from the fiefdom of the Hong Kong billionaire Li Ka-shing. Maersk has downgraded its forecast for global container demand this year to a fall of 1 to 4 per cent, on the basis

Me and the builder boyfriend are going to go without hot water

‘I’d like my money back please’ was what I was waiting to tell British Gas, if they ever stopped the deafening rock music of their recorded hold message to answer the phone. My account was £490 in credit, like it was a savings account. Only it wasn’t a savings account for me, and now energy prices are going up beyond all reason, I’m not going to be so relaxed about these matters. I want my 500 quid back. They have been over-estimating my usage for too long, despite me diligently giving them my meter readings. The £2,500 cap announced by the Prime Minister doesn’t mean a damn for me, because

Tinkering with the energy price cap won’t fix it

In principle, the UK’s energy price cap is supposed to provide a buffer for consumers who might otherwise see their energy bills go through the roof. But governments can’t control international energy prices: a lesson that has been learned the hard way over the past six months, as dozens of energy companies have gone bust, unable to raise prices for customers to reflect increasing wholesale costs. Meanwhile the cap has not stopped bills from skyrocketing: Ofgem’s last price cap went up by 54 per cent, taking the total cost for an average household to just under £2,000 per year. Still, if there were any silver lining to this distortive policy