Energy prices predicted to rise to £3,850 in January...

That's the man who took us out of Europe under the pretense our utility bills would be cheaper.

 

This may be better example

https://www.bbc.co.uk/news/uk-england-york-north-yorkshire-62724135

 

no sorry wasn’t getting at you. My mate runs a pub in Sheffield it’s shutting within weeks they can’t afford to go on. Two other friends have cafes in Lincoln both are closing. Another friends record shop might not survive. Sad times.

 

No I know you weren't it was a fair shout.
It's absolutely terrible hearing all these stories about small businesses while the Tories continue with the leadership nonsense. Left unchecked It's going to be horrific in the coming months.

 

Make the most of hospitality, because as things stand we will lose it.

 

This reply at least brings a little cheer to a otherwise depressing subject.

 

That is shocking. If help doesn't come in for small business we will be hitting a rising unemployment situation, recession & hyper inflation. I thought the Tories were meant to be the party of small business?

 

They will put a cap on for small businesses and possibly all. Because they have to - otherwise the economy would tank.

 

The only way I can see that working is if they nationalise the North Sea gas fields, otherwise they will just sell their gas to other countries.

 

Yeah, I watched the full clip a couple of days ago. Even in the context he used it in it was still a stupid thing to say. It’s a terrible example of spending more upfront to save more later. It’s actually harder to find a worse real life example and to use that one during the current crisis is even thicker.

 

Absolutely brutal mate. There was a small business owner on the radio the other day, his bill is going up from £3,000 last year to £35,000. If nothing is done, many businesses like his and yours will be forced to close. Remember that over half of people working in the UK work for such businesses, unemployment will go through the roof. But hey, at least it will but a stop to the Brexit labour shortage.....

 

Anyone got a scooby what I should do?

So my fix that I signed up to is just above the current market cap and likely to be well below January's cap, so seemed like a good deal at the time for me. Now Liz Truss is seemingly about to announce measures that will effectively reduce the cap, although no-one seems clear on the mechanism she will use to do this. If the cap is reduced to circa £2k pa, I am now on a terrible fixed deal.

The cooling off period is 14 days, I entered into the agreement 14 days ago. Should I cancel my new fix and just move onto the price cap? I've no idea whether Truss' plan will actually count for me if I'm on a higher fix. Any advice welcome?

 

My relativelt basic understanding is that the current cap does not apply to fixed term tariffs, so assuming things stay the same in that regard the supplier would not be obliged to reduce it.

Personally I'd cancel, as I imagine if a freeze does get announced then fixed price deals might come down anyway to make them more tempting.

I may well end up being wrong though, I'm definitely not an expert.

 

I don't think a good answer exists on this. We don't know if they will allow you to exit without penalty. Until they actually announce it you have no idea what to do.

 

That's my thinking too but just not 100% sure on things so don't want to **** up and cancel a decent deal.

I've also got no exit fees which I think means I can cancel for free at any point and move onto the price cap. I've just called EON and they have confirmed I can do that, not that I trust them.

 

If you've got no exit fees then just stick with it.

 

My worry is that they will turn round and say you can exit but not onto that tariff. Not sure if I'm being too untrusting of them or not.