Retail sales tumble across Britain amid cost of living squeeze and wet weather; energy price cap falls 7% – as it happened

Guardian Live Business Blog · 2 years ago · 89 views

Retail sales slumped by more than expected in April as rain kept shoppers away from the high street Energy price cap in Great Britain to fall to £1,568 in summer Energy prices are an early general election football, with all sides trying to please the crowd. Claire Coutinho MP, energy secretary, has announced that the energy price cap would be retained in every year of the next parliament, if the Conservatives win July’s election. “Labour does not have a serious approach to Britain’s energy security and they aren’t honest about the costs that their reckless net zero targets would place on households. “Thanks to our bold action, energy bills are at their lowest in two years, now we’re telling suppliers to put consumers first and bring real competition back to the market - cutting bills further and improving customer service. “Families are picking up the tab of 14 years of Tory energy failure and are expected to remain a staggering £400 a year worse off under the new price cap.” “Labour will stop families paying over the odds for energy. Great British Energy, our new publicly-owned energy company, will invest in homegrown clean energy to boost energy independence and cut bills for good.” “Energy bills remain far higher than five years ago, on top of sky-high mortgages and rents and prices in the shops. “Families and pensioners are feeling worse off after years of Conservative chaos. “A mass programme of government-backed, council delivered home insulation starting immediately after the General Election is a win-win solution for people and the planet and offers people hope and positive change. “We could reduce bills for the long term and help reduce greenhouse gas emissions by building new homes that are easier and cheaper to heat and boosting insulation in existing homes. Insulating people’s homes means they can stay warm while using less energy, save money and produce fewer harmful carbon emissions.” “Energy bills more than doubled in the wake of Russia’s invasion of Ukraine, and deepened the cost-of-living crisis across Europe. Households will be relieved to see the energy price cap fall once again to below £1,600, with households spending £370 less for energy this year than last. “However, the shock has left households paying more for less energy, with more than six in ten households still worried about paying their bills. And with the majority of gas consumption taking place in winter, it’s the winter price cap that matters most for living standards.” Continue reading...