“State subsidy to peoples energy bills”. No… you mean “ state subsidy to corporate energy profits “. The money gets paid to the energy companies not the citizens
Yep. Basically like fuel. Once they know they can get away with it they never really bring it back down. Just fluctuates 3-4 pence either side of what it is now. Won't go back down to near 1.30 for petrol and 1.40 for diesel ever again.
anybody who supported lockdowns and demonised those who suggested it would cause all these problems deserves all the economic pain that they are suffering. It didn't need to be this way, even the scientists at WHO never, ever suggested lockdowns as an effective way of dealing with coronavirus.
@@GavinLawrence747 vs the alternative? Just let it run rampant? The h1h1 virus (Spanish flu) infected over 500 million and killed 50 million in 1918 out of a world population of 1.8 billion. We are just over 8 billion now with much much better/faster transport links so the infection rate and death rate would have been 10 fold. Stopping people moving was the only viable option to not have a death toll over 500 million worldwide and the death stats back it up. In lockdown infection rates and deaths decreased.
@@JudeTheUA-camPoopersubscribeyou are probably right. Used to sit around 900-1200 for the average bill. Going forward I fully expect it to be no lower than 2k. They might drop the unit rate but they won't drop the standing charges (failed supplier bailout tax) this is equating to over £45 a month before we use anything. Its an absolute con. My supplier didn't fail because immnot a moron that chose a fly by night provider. Why I am picking up failed energy firm tabs? When it was well publisised several directors of these companies walked away with millions...
Basically, we are screwed! Whatever increases there are in anything, will be wiped out by increases in everything else! We are screwed! Thanks Martin you are our champion. Your research to give us choices is appreciated.
We are Not screwed, do your own research on world affairs, start with Klaus Schwarb and the world economic Forum, also Look at who owns the media that Martin works for, also Look what other media those companies own, then you may see how they are doing what they do and Martin isn't such a hero after all, he knows the truth ✌
@@kieronhomer3444 Martin can give the media the middle finger, he is comfortably wealthy. He hasnt been shy of telling people where to get off either. He doesnt "work" for media. Try looking up his net wealth.
@@senseofthecommonman What line is he towing, and why would he tow one anyway?... Oh, you mean "toed the line", if you are going to denigrate someone you could at least get your idioms right, anyway, exactly what line is he toeing? So what's your take on the budget? I'm assuming you do have one... you don't say what it is, much easier to criticise from the sidelines than involve yourself in informed, fact based discussion, eh? Anyway, all he's done is explain what the budget means in simple terms, what's wrong with that?
I note the 5% VAT on energy bills not been lowered so as the price rises the MORE energy VAT government gets! My bill I pay more in standing charges than I do for energy!
On thing you seem have missed is a huge rise in fuel duty from April. I have seen reports it could add as much as 12p to a litre of petrol. They didn't even have to decency to include it in the statement to parliament. It is detailed in paragraph 61 of the OBR's accompanying documents to the autumn statement.
I've wondered how Spacex, Nasa , the Chinese and just about everybody else, is managing to launch their satellite rockets during this supposed fuel crisis. Odd, very odd.
Standing charges should be abolished and the ‘cost’ added to a form of tiered unit charges. Unit charges should then be tiered so that average users pay the cheapest rate and high users ( bigger houses and more occupants ) pay a higher rate.
The standing charges are the part that annoys me most. Mine are £30 per month before I even put the kettle on. It is DIABOLICAL 😡 I queried it, I was told the higher standing charges are to subsidise people who can't afford to pay their bills. Really? Well guess what, I'm in Northern Scotland sitting in a room that's 11c and I can't afford to put my heating on but I'm paying for others . . WTAF?
@@carladean6117 Hi. Everyone should get 6 units a day quite cheap. This should apply irrespective of whether or not a house has a smart meter but some allowance needed for ‘all electric’ homes. After that make higher users pay whatever is appropriate to meet costs, profit etc with this rate to incorporate the illogical standing charge. Higher costs over a base unit allowance should also encourage lower consumption. I’m sure it could be achieved with some thought. Pity low users cannot start a crusade.
@@stitcheruk1150 Hi I'm a low user but my bills are still high due to almost £1.00 per day standing charges per utility. I'm a bit confused with your comment because I'm talking about standing charges which are applied regardless of consumption, not meter units 😧
@@stitcheruk1150 Oh I think I get it, you're describing a fairer scenario not what actually happens. The standing charges should be scrapped now everyone is literally paying two or three times what they were one and even two years ago. It's ludicrous. I'm not putting my heating on. I can't afford it and even if I could it's now a matter of principle. Brrrrrrrrrr 🥶
Thank you, Martin. I am so grateful that you are out there at the sharp end of things, keeping an overview of what's going on and who will be affected. I feel like you are one of the few people in public life that has a compassionate view and who wants us all to be able to afford to live with heating AND food. I really appreciate your work, and also the work of the MSE website, although I know it's not your baby in quite the same way any more.
A comfort to know that you will be at the big bank pow-wow with the Chancellor which means that ordinary people will have a voice in the room. Thanks for your summary and for getting it out so quickly, I've tried to take as much as I can in from Newsnight and, no doubt, my other trusted commentators like Novara Media and Gary's Economics will be releasing their analysis soon, this is just what I needed to be able to start to understand it ... though I may have to watch it another few times so that it sinks in (I have a cognitive impairment so need the clarity you bring to the table).
Oh please this guys just as bad, the reason he wont talk about macro economics is because he knows all what the government is doing long term is going to make things worse, we are getting into a worse inflation spiral.
"Wisdom outweighs any wealth". And, so, the hope that we continue to find ingenious ways to make best use of whatever means we have available during these unforgivingly tough times.
@@terrynicholson9273 Wisdom does not mix with such people, I guess - one is busy fooling us (the voters) and the other is busy showing off their insta-glam lifestyle! 😆
Thanks Martin and everyone at MSE for working so hard to explain this complex jargon in more simpler terms. What would we do without you folks...I dread to think.
Thanks martin you explain things properly to us all so we understand rather than the gibberish that comes out of Jeremy hunts mouth ! Your a legend keep up the fantastic work you do 👏🏻👍🏻😊
It does feel like those working but not on the minimum wage are being clobbered because they don't qualify for additional payments or help, and will not receive anywhere near inflationary pay rises. I get the need to help the most vulnerable but I do feel like, and I am fortunate that it does not apply to me, that those working on lower incomes could actually be worse off than those not working, or receiving additional benefits/credits because help is not phased out but rather - if you are X you get Y and if you are not in X position you get nothing. Could it create a situation whereby some people give up work or move into the informal economy which is not good for the tax take or the people themselves in terms of rights and protections. On the macro-economic side we should be really worried because the IFS are talking about us spending £100bn per year (more than we spend on anything apart from the NHS) on servicing the debt by 2027 AND even with Hunt's claims about this being about balancing the books - debt is still rising for the next couple of years at least. Effectively he has kicked the worst of the pain down the road to after the next election both in terms of fiscal drag because the freezing of thresholds in 5 years time will feel worse than it does in one year's time but also because the debt will still be there and government spending will need to be cut - whether it is Labour or the Tories they are in a straight-jacket in terms of economic decisions. Also remember that post-2010 austerity actually reduced growth compared to long term trends and by the next election we will have had not only 2 big recessions in 14 years but also some of the worst economic performance outside of that (even accounting for COVID). Hardly a glowing economic record in government.
Great video Martin, but can you please explain the planned 23 percent increase for March in Fuel Duty that was apparently well hidden in the small print? This could see 12p per litre rises at the pumps. Will it happen because it will cripple me? I don’t understand it. Will it happen?
Fuel duty was cut by 5p a litre in the spring statement last year which is due to expire at the end of March 2023. The 23% comes from combining the forecast RPI inflation and the withdrawal of that temporary fuel duty cut. The average price has dropped 27p per litre between July (190.81p) and now (164.23p), or 26p per litre. The fuel duty expiring is just 5p per litre. To retain that 5p per litre temporary relief would cost the country £2.4bn and still cause the price to go up by 7p per litre.
@@SildenYT you seem to have forgotten vat. Petrol went from £1.35 to £1.90. The government cut duty by 5p but more than gained it back in the extra vat which they are still benefiting from. They have given us nothing and intend taking more, so in future get your facts right before you defend this appalling government.
thank you for breaking it down!!With everything going on right now, the best decision to be on any creative man's heart is having a profitable investment strategy.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don't know who agrees with me but either way, I recommend either real estate or crypto and stocks
@@marshallbsanz2068 Regardless of all, investing in crypto markets trading still remains one of the best ways of getting out of poverty and obtaining financial freedom in this global economy pandemic
@@vaztrevorknox4203 The fluctuations of the market only affect those that hodl coins, but traders makes money on both sides, when it's bearish they go short when it's bullish they go long... The best strategy to use in trading crypto is to trade with a professional, like Arjun B Jagat he understand the market quite well, that way maximum profits are guaranteed.
@@arktom7335 I'm honestly surprised that this name is being mentioned here, I stumbled upon one of his clients testimony last two months in CNBC world news and decided to try him out...I'm Expecting my third cashout in 2days
Energy price guarantee = borrow the extra money & get our kids to pay for it! What’s needed is an alteration in the OFGEM charge rates being overhauled.
@@AngelaH2222 So your're prepared to pay extra 5% - 10% it's a tax mainly on the poorest in our society. Your PAYE Also pays for schools, social care, etc. Councils are corrupt and full of masons. Your money isn't going were they are telling you.
@@ThePatto56 ...until we get a better system we are stuck with the one we've got, and taxation pays for all the important stuff that gets sorted out at a community level...
@@AngelaH2222 I stopped paying 7 years ago, you must have a well paid job. I have many people coming to me for help, many suicidal over ctax arrears, councils are run like a mafia setup. ua-cam.com/video/VTl5tsN9nWI/v-deo.html
They have extended the price guarantee from end of march '23 to '24 he said. But yes energy cap will rise but we should still get the help from what I can tell.
@@TheDoosh79 From April 2023 your Energy Bills (Government Energy Price Guarantee) costs will go up 20% So whatever you're paying now, add 20% ... until April 2024 ... and from April 2023 the £400 Energy Bills Support Scheme (£66 credit per month) will be withdrawn. That's my understanding
Continuing to leave the LHA rate as it is, while rents have gone up 15%-30% is going to make a lot of people homeless. I wouldn't be surprised if 500,000+ people are turfed out of their homes within 12 months and put into hotels.
He's just a website owner who has achieved a form of sainthood by always being the person who simply explains things rather than being a politician who tries to justify things. He isn't a charity worker who has your interests at heart, he's a businessman who provides good honest information to the general public at a profit. His involvement in discussions with the government is only because they want to gauge public response to their measures. This gives him information from the ground floor that he can pass on to us - but he's not the minister for people's-finances, much as he represents himself as such.
@@michaeldavison9808 thanks for the reply and your perspective. Mine is very different in that my instinct says Martin actually cares about those who can't speak up and his personal values go waaay deeper than personal wealth and don't see him as a greedy Corp type 🤔👍
Thank you. Question to Martin. Given the eye watering profits the energy companies are now making on the back of all of us why cannot the government LEGISLATE to set maximum unit prices for energy as these massive profits indicate PRICE GOUGING to me? I would suggest by the regulator Ofgem, but they have demonstrated themselves to be totally and utterly useless. Serious question.
the triple lock won't mean much if the government yet again moves the pension retirement date. I think they'll make us retire at 70 but when will the cut off date apply. I'm 62 and hoping I can still claim my pension in 5 years. Any thoughts ?
It'll mean something to the people who already receive state pension. Advice: you may have to work longer than you had originally expected, adjust your expectations and look at possible options for when you do reach state pension age, take care of your health and stay fit - there's a lot to look forward to!
Thank you, I feel less clueless about the financial future now. I feel i need to up my earnings anyway I can to help alleviate this recession. we're all in this together; regardless of who is to blame.
I hear a lot about the energy bill going up to £3000 from April 2023. Surely this is dependent on the persons usage? Use more energy than the average and one would pay more. Use less and one would pay less. The weather will also have an impact on the amount one pays. I think this ballpark figure of £3000 is very misleading.
It's based on the average usage use of an average household. What's more meaningful is that the cost of energy is double what is was last winter and the increases won't stop there. I want to what they're doing with the increase from 25% to 35% in windfall tax? They should be using that to lower our bills and not reduce support, especially when energy gaints are rubbing our noses in it announcing huge profits.
It certainly is very misleading and scares a lot of people that don't understand. It would be much better if news, newspapers and well everywhere instead talked about how much each kWh would increase by, rather than this so called "typical use".
Most people I know are now paying 2 and a half times what they were last year for energy. It's crippling us. Any higher and we won't be able to cope - regardless of the income rises.
My electric has doubled since September 2021. Used to cost about £33 a month now it is over £60. I expect my electric and gas bill to be about £160 this month, already spent £85 this month. Last month it cost £129.
@@mrsmith4489 standing charges currently make up about £45 of the monthly bill. £600 ish a year. The previous full year before it went mental my entire bill was only 980 for the year. My usage to date this month is already more than my bill for whole of november last year and we still have 2.5 weeks left to go.. Its just madness
@@LEWIS1992 The price of gas started to rocket 8 months before the war in Ukraine. Normal price 50p, Oct 21 300p, Dec 21 450p. War started 24th Feb 2022.
If you crossover into the 40% tax bracket, does that still clobber you for more tax on the company car for private use? Sometimes the rise is just not worth taking…
Benefits are going up, but proper wages aren’t. Next year the age that one will retire( die at the job) will go up. You will never see your state pension or private pension, it will go straight to the Government.
Minimum wage is increasing by quite a lot, so those on the lowest wage will see some benefit. If you earn above that it's up your employer what they pay you.
Spot on. The hope is that you die before or soon after you retire and then all the money you have paid in can be spent on taking care of illegal immigrants.
Energy bills never coming down again. Rents going up, fuel going up, energy up, food up, inflation/interest up. And those of us just above the shit storm get no help yet again. Let's hope our bosses are kind enough to give out an inflation busting 10% pay rise in April to take the edge off eh?
And it's all down to lockdown, when they had no money coming in, but dished millions out in furlough. If you didn't see this coming, you're a fool. It was so obvious. They were never going to claw the money back without effing over the population. Should never have gone into lockdown. Sweden and Florida are prime examples, where their economic forecast is far better than what ours is.
It's so more much better and pain free when a trusted person can simply explain without many political points scoring and lying about any help that is actually offered and where the actual back handed pain lies.
Does this mean that taxpayers are now subsidising the profits of the energy companies via the support payments to more people? People need these support payments of course. I am just trying to understand the bigger picture.
you'd almost think he's a public service. love him and his work but its a damn shame that theres a market for helping people survive government economic policy
Thanks Martin, your explanation helped a lot. The thing I'd like to ask are people like myself on prepayment meters going to get a social tariff if and when one is introduced? Also people on disability benefits, will things such as pip rise at the rate of inflation like other benefits, because I don't think pip is means tested?
I can't stop thinking of Jeremy Hunt in Rouge. Will the government address this issue if in April I'm still having these intrusive thoughts? Thanks for all your help.
Thank you. Also look at the cost of insurance. This is going up way beyond any inflationary increase. There are people who are not going to renew their insurance. There will be problems!
So with the Increased Cost of Electricity for Charging Electric Vehicles and now they are going to be Taxed what is the Insentive of Swapping over to one, I was under the Impression that Road Tax was Abolished Years Ago and that it was in Simple Terms an Emission Tax, Hence that Cleaner Vehicles Benefitted from a Reduced Tax, obviously not the Case from 2025.
The impact on the road networks are the same irrespective of power source so you should be paying just as much tax. Road tax in reality has nothing to do with the environment.
Thanks very much, Martin, much appreciated. I've been greatly concerned about standing charges on energy bills but I note that you said lower users will get a lower rate for energy- when that scheme starts, that is. Would you like to comment on standing charges?
But they are all involved with these green companies and make a fortune from it, they will never cut it. Wind farms I believe are making 5 times more profit and still receive subsidies, it is literal theft.
My friend earns £13,800 a year, can't get no help at all with cost of living etc, except for the £400 that everyone gets, she has a mortgage, car etc etc, now tax going up and council tax going up, she's better off on benefits
That's WEF plan, 1st the car goes,then she walks, need a job closer to home, & then she can't afford the mortgage ( oh that's OK, because Lloyd's bank want to be Landlords now) & by diversifying they will buy up repossessions & properties off this type, she won't be homeless just a tenant with a bank for a landlord. WIN WIN. A new format off the Workhouse. Who would off believed 23 yrs ago we were celebrating the era of a new millennium, built a white elephant called the Millennium Dome, sold it for a £1. Governments just take the piss ( taxing & squandering from the bottomless pit of working class taxpayers. IF money taxed was spent wisely, surely we would all be financially better off. The rich NEED poor people. We need a revolution.
The biggie after energy will be how can we make housing ownership affordable and not a middle class upper class benefit. Private landlords saying they provide a service for the lower class. In reality the banks have encouraged house cost rises pushing ownership out of a large proportion of the population. Creating a huge private rental market providing further incomes to the higher earners. Local house prices for me have increased 110% in 15 years. I have paid £150k in rent with no way to get onto the property ladder due to earning vs house price. Average household income was 37% of average house cost in 1990 as of 2020 it was down to 15% and continues to fall.
they say that because of russian gas, other countries are also getting their gas from norway, which drives up the prices globally.. how true that is.. god knows..
There is information on gov.uk regarding this. Customers who are not registered with a gas company/households which are not connected to the mains gas network will recieve an additional payment of £100 onto their elecrtic, either via a discount on their bill or by additional money put on their top up voucher. No date has been set for this yet, but it is the plan for those who don't have gas
@D C I'm with UW and am on 40p and 14p for day and night rate as an E7 customer. £12/month standing charge to be added of course, if they don't get ya one way they'll got ya the other.
It's ALWAYS been about the implimentation of the Digital ID, Social Credit Score System and Central Bank Digital Currency. .... They're being tested next year and FULL implimentation by 2026 ( Digital Slavery )
Many of us are fighting against DI & CBDC. Join us. Never use plastic for payment, CASH only. Urge others to too. We may win, we may lose, but if we don’t fight, we lost already.
exactly, its hard, and if s/e theres often nothing as your earnings are up and down, as for the unemployed and unemployable its even harder, some will turn to crime just to eat, then develop drug problems causing them to steal more. if the gov dont get a big stick and sort out the fuel and energy companies from these price hikes while making obscene profits the world will go to anarchy
@@NeonVisual How the hell do you know she is not living in poverty? She could be paying a massive rent/mortgage, have a growing family, have existing financial commitments. Why should she look for a second job when some people can't even be bothered to get one job!
As a 77yr old pensioner I trust and draw comfort from Martin's explanation of all things 'fiscal'. What would we do without him! Well deserving in my opinion of elevation to the House of Lords.
Both my husband and I are middle income earners, no benefits and in our early 60s. Why should we work? We are finding it harder and harder to get to the end of the pay month and don't have an amazing lifestyle by any stretch of the imagination. We're physically and mentally shattered at the end of each day. What is the incentive to carry on or is that the point? Do those in power want middle earners to give up work ,go on benefits and be dependent on the state so we are more easily controlled?
If you have savings; it will have an impact if you receive benefits. Wages will slowly catch up i believe not by as much as inflation but just hang in there. I plan on buying Gold. Also there are lots of opportunities to work from home these days.
@@jjefferyworboys8138 and!!!! Martin Lewis could retire if he so wished. The man is clearly driven to help us all in any way he can....also the more he earns the more income tax he pays go figure.
You can watch a million of these videos, the same pattern happens, the lazy get more, ( NOT the elderly, sick, or disabled) the rich dodge tax, and the middle wage bracket get hammered once again, same pattern decade after decade, when are people going to wake up
“State subsidy to peoples energy bills”. No… you mean “ state subsidy to corporate energy profits “. The money gets paid to the energy companies not the citizens
These energy prices are never coming back down are they? We’re just going to be rogered for the rest of time aren’t we?
Yep. Basically like fuel. Once they know they can get away with it they never really bring it back down. Just fluctuates 3-4 pence either side of what it is now. Won't go back down to near 1.30 for petrol and 1.40 for diesel ever again.
Even if wholesale costs come down significantly I can't see us ever having a price cap lower than £2500.
anybody who supported lockdowns and demonised those who suggested it would cause all these problems deserves all the economic pain that they are suffering. It didn't need to be this way, even the scientists at WHO never, ever suggested lockdowns as an effective way of dealing with coronavirus.
@@GavinLawrence747 vs the alternative? Just let it run rampant? The h1h1 virus (Spanish flu) infected over 500 million and killed 50 million in 1918 out of a world population of 1.8 billion. We are just over 8 billion now with much much better/faster transport links so the infection rate and death rate would have been 10 fold. Stopping people moving was the only viable option to not have a death toll over 500 million worldwide and the death stats back it up. In lockdown infection rates and deaths decreased.
@@JudeTheUA-camPoopersubscribeyou are probably right. Used to sit around 900-1200 for the average bill. Going forward I fully expect it to be no lower than 2k.
They might drop the unit rate but they won't drop the standing charges (failed supplier bailout tax) this is equating to over £45 a month before we use anything. Its an absolute con. My supplier didn't fail because immnot a moron that chose a fly by night provider. Why I am picking up failed energy firm tabs? When it was well publisised several directors of these companies walked away with millions...
Basically, we are screwed! Whatever increases there are in anything, will be wiped out by increases in everything else! We are screwed! Thanks Martin you are our champion. Your research to give us choices
is appreciated.
We are Not screwed, do your own research on world affairs, start with Klaus Schwarb and the world economic Forum, also Look at who owns the media that Martin works for, also Look what other media those companies own, then you may see how they are doing what they do and Martin isn't such a hero after all, he knows the truth ✌
@@kieronhomer3444 Martin can give the media the middle finger, he is comfortably wealthy. He hasnt been shy of telling people where to get off either. He doesnt "work" for media. Try looking up his net wealth.
@@kieronhomer3444 Oh god that guy. Could he be more of a stereotypical bad guy? I think the only thing he is missing is a twirly mustache.
@@mustrumridcully3853 he couldn’t exist on the media unless he towed the line, don’t be so easily taken in.
@@senseofthecommonman What line is he towing, and why would he tow one anyway?... Oh, you mean "toed the line", if you are going to denigrate someone you could at least get your idioms right, anyway, exactly what line is he toeing? So what's your take on the budget? I'm assuming you do have one... you don't say what it is, much easier to criticise from the sidelines than involve yourself in informed, fact based discussion, eh? Anyway, all he's done is explain what the budget means in simple terms, what's wrong with that?
I note the 5% VAT on energy bills not been lowered so as the price rises the MORE energy VAT government gets! My bill I pay more in standing charges than I do for energy!
Exactly what they want
Helped me feel like I understand the situation better, so thank you very much, Martin.
On thing you seem have missed is a huge rise in fuel duty from April. I have seen reports it could add as much as 12p to a litre of petrol. They didn't even have to decency to include it in the statement to parliament. It is detailed in paragraph 61 of the OBR's accompanying documents to the autumn statement.
Exactly, it's hidden away, but is going to hit hard
Deliberately not mentioned.
malfeasance
Thanks for the heads up, that's going to hit rural communities really hard, we often have no choice but to use our cars.
I've wondered how Spacex, Nasa , the Chinese and just about everybody else, is managing to launch their satellite rockets during this supposed fuel crisis. Odd, very odd.
Thank you for sticking up for us people and translating everything into layman's
Thank you Martin and all of your team, for your hard work, and helping to explain things in a clear and understandable way.
Standing charges should be abolished and the ‘cost’ added to a form of tiered unit charges. Unit charges should then be tiered so that average users pay the cheapest rate and high users ( bigger houses and more occupants ) pay a higher rate.
How can they charge you for a bit of paper ? People are trying to help them selfs but they keep on taking🤔
The standing charges are the part that annoys me most. Mine are £30 per month before I even put the kettle on. It is DIABOLICAL 😡
I queried it, I was told the higher standing charges are to subsidise people who can't afford to pay their bills. Really? Well guess what, I'm in Northern Scotland sitting in a room that's 11c and I can't afford to put my heating on but I'm paying for others . . WTAF?
@@carladean6117 Hi. Everyone should get 6 units a day quite cheap. This should apply irrespective of whether or not a house has a smart meter but some allowance needed for ‘all electric’ homes. After that make higher users pay whatever is appropriate to meet costs, profit etc with this rate to incorporate the illogical standing charge. Higher costs over a base unit allowance should also encourage lower consumption. I’m sure it could be achieved with some thought. Pity low users cannot start a crusade.
@@stitcheruk1150 Hi
I'm a low user but my bills are still high due to almost £1.00 per day standing charges per utility. I'm a bit confused with your comment because I'm talking about standing charges which are applied regardless of consumption, not meter units 😧
@@stitcheruk1150 Oh I think I get it, you're describing a fairer scenario not what actually happens. The standing charges should be scrapped now everyone is literally paying two or three times what they were one and even two years ago. It's ludicrous. I'm not putting my heating on. I can't afford it and even if I could it's now a matter of principle. Brrrrrrrrrr 🥶
Is the government taking a pay cut ( not worth a penny ) no expenses and stopping sending money to every country but here ??
Thank you Martin, amazing how by straightforward application and hard work you have established yourself as the prime commentator in this area.
I don’t know how he does it, turning on a web cam and talking for 10 mins, he must be worn out.
Or paid to do it
Thank you, Martin. I am so grateful that you are out there at the sharp end of things, keeping an overview of what's going on and who will be affected. I feel like you are one of the few people in public life that has a compassionate view and who wants us all to be able to afford to live with heating AND food. I really appreciate your work, and also the work of the MSE website, although I know it's not your baby in quite the same way any more.
Thank you Martin. Concise and complete with current available information as ever.
A comfort to know that you will be at the big bank pow-wow with the Chancellor which means that ordinary people will have a voice in the room. Thanks for your summary and for getting it out so quickly, I've tried to take as much as I can in from Newsnight and, no doubt, my other trusted commentators like Novara Media and Gary's Economics will be releasing their analysis soon, this is just what I needed to be able to start to understand it ... though I may have to watch it another few times so that it sinks in (I have a cognitive impairment so need the clarity you bring to the table).
Martin Lewis for chancellor xx
Oh please this guys just as bad, the reason he wont talk about macro economics is because he knows all what the government is doing long term is going to make things worse, we are getting into a worse inflation spiral.
Let's all go to france and return on a dingy
😂
"Wisdom outweighs any wealth". And, so, the hope that we continue to find ingenious ways to make best use of whatever means we have available during these unforgivingly tough times.
Oddly enough, I have never seen a politician or media presenter riding the bus.
@@terrynicholson9273 Wisdom does not mix with such people, I guess - one is busy fooling us (the voters) and the other is busy showing off their insta-glam lifestyle! 😆
Amen
@@terrynicholson9273 I have...
Thanks Martin and everyone at MSE for working so hard to explain this complex jargon in more simpler terms. What would we do without you folks...I dread to think.
Thanks martin you explain things properly to us all so we understand rather than the gibberish that comes out of Jeremy hunts mouth ! Your a legend keep up the fantastic work you do 👏🏻👍🏻😊
Did you not listen to the actual statement? It was pretty simple
@@ryanberry1 but not as simple as Martins summery statement
Yep I watched the statement and the questions after in Parliament. All pretty simple if you were prepared to listen.
@Angela Robinson: You didn't even listen to Hunt so how do you know? And it's you're (you are) a legend, not your....
@@kevinsyd2012 oh thank goodness you corrected her, if you hadn't I would never had understood what she was saying. Bravo, you are today's hero.
It does feel like those working but not on the minimum wage are being clobbered because they don't qualify for additional payments or help, and will not receive anywhere near inflationary pay rises. I get the need to help the most vulnerable but I do feel like, and I am fortunate that it does not apply to me, that those working on lower incomes could actually be worse off than those not working, or receiving additional benefits/credits because help is not phased out but rather - if you are X you get Y and if you are not in X position you get nothing. Could it create a situation whereby some people give up work or move into the informal economy which is not good for the tax take or the people themselves in terms of rights and protections.
On the macro-economic side we should be really worried because the IFS are talking about us spending £100bn per year (more than we spend on anything apart from the NHS) on servicing the debt by 2027 AND even with Hunt's claims about this being about balancing the books - debt is still rising for the next couple of years at least. Effectively he has kicked the worst of the pain down the road to after the next election both in terms of fiscal drag because the freezing of thresholds in 5 years time will feel worse than it does in one year's time but also because the debt will still be there and government spending will need to be cut - whether it is Labour or the Tories they are in a straight-jacket in terms of economic decisions. Also remember that post-2010 austerity actually reduced growth compared to long term trends and by the next election we will have had not only 2 big recessions in 14 years but also some of the worst economic performance outside of that (even accounting for COVID). Hardly a glowing economic record in government.
Great video Martin, but can you please explain the planned 23 percent increase for March in Fuel Duty that was apparently well hidden in the small print? This could see 12p per litre rises at the pumps. Will it happen because it will cripple me? I don’t understand it. Will it happen?
Fuel duty was cut by 5p a litre in the spring statement last year which is due to expire at the end of March 2023. The 23% comes from combining the forecast RPI inflation and the withdrawal of that temporary fuel duty cut.
The average price has dropped 27p per litre between July (190.81p) and now (164.23p), or 26p per litre. The fuel duty expiring is just 5p per litre. To retain that 5p per litre temporary relief would cost the country £2.4bn and still cause the price to go up by 7p per litre.
@@SildenYT you seem to have forgotten vat.
Petrol went from £1.35 to £1.90. The government cut duty by 5p but more than gained it back in the extra vat which they are still benefiting from.
They have given us nothing and intend taking more, so in future get your facts right before you defend this appalling government.
It will go up no doubt at all.
thank you for breaking it down!!With everything going on right now, the best decision to be on any creative man's heart is having a profitable investment strategy.
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@@marshallbsanz2068 Regardless of all, investing in crypto markets trading still remains one of the best ways of getting out of poverty and obtaining financial freedom in this global economy pandemic
I wanted to trade crypto but got confused by the fluctuations in price
@@vaztrevorknox4203 The fluctuations of the market only affect those that hodl coins, but traders makes money on both sides, when it's bearish they go short when it's bullish they go long... The best strategy to use in trading crypto is to trade with a professional, like Arjun B Jagat he understand the market quite well, that way maximum profits are guaranteed.
@@arktom7335 I'm honestly surprised that this name is being mentioned here, I stumbled upon one of his clients testimony last two months in CNBC world news and decided to try him out...I'm Expecting my third cashout in 2days
At these price levels, why do energy companies need a minimum monthly fee (standing charge)?
Thank you, Martin; most informative!
Energy price guarantee = borrow the extra money & get our kids to pay for it!
What’s needed is an alteration in the OFGEM charge rates being overhauled.
Wondering when they will also look at the cladding scandals caused insurance hike.
What about council tax, do they have to hold referendum to increase above 3%
...it pays for necessary things, like Schools, Social care, etc...
@@AngelaH2222 So your're prepared to pay extra 5% - 10% it's a tax mainly on the poorest in our society. Your PAYE Also pays for schools, social care, etc. Councils are corrupt and full of masons. Your money isn't going were they are telling you.
@@ThePatto56 ...until we get a better system we are stuck with the one we've got, and taxation pays for all the important stuff that gets sorted out at a community level...
@@AngelaH2222 I stopped paying 7 years ago, you must have a well paid job. I have many people coming to me for help, many suicidal over ctax arrears, councils are run like a mafia setup. ua-cam.com/video/VTl5tsN9nWI/v-deo.html
@@AngelaH2222 ua-cam.com/video/Fd7Xx3wAlkQ/v-deo.html
So... Energy Prices are going up 20%
... and we're losing the £66 per month credit (£400 total).
That's going to hurt
It's a f*ck in joke
They have extended the price guarantee from end of march '23 to '24 he said. But yes energy cap will rise but we should still get the help from what I can tell.
@@TheDoosh79 From April 2023 your Energy Bills (Government Energy Price Guarantee) costs will go up 20%
So whatever you're paying now, add 20% ... until April 2024
... and from April 2023 the £400 Energy Bills Support Scheme (£66 credit per month) will be withdrawn.
That's my understanding
@@JustMeTalking they like it when we get hurt, if they didn’t then they would do something to really help.
Continuing to leave the LHA rate as it is, while rents have gone up 15%-30% is going to make a lot of people homeless. I wouldn't be surprised if 500,000+ people are turfed out of their homes within 12 months and put into hotels.
Are there any hotels left to be filled?
Exactly! According to the Government it doesn't even qualify as a 'means tested benefit'. 😖
But there’s no room in hotels any more ……..
you sir are our voice and its amazing you have managed to have a sit down with the people in charge THANKYOU you have my utmost respect
He's just a website owner who has achieved a form of sainthood by always being the person who simply explains things rather than being a politician who tries to justify things.
He isn't a charity worker who has your interests at heart, he's a businessman who provides good honest information to the general public at a profit. His involvement in discussions with the government is only because they want to gauge public response to their measures. This gives him information from the ground floor that he can pass on to us - but he's not the minister for people's-finances, much as he represents himself as such.
@@michaeldavison9808 thanks for the reply and your perspective. Mine is very different in that my instinct says Martin actually cares about those who can't speak up and his personal values go waaay deeper than personal wealth and don't see him as a greedy Corp type 🤔👍
Fuel duty going up by as much as 12p a litre next year!
Thank you. Question to Martin. Given the eye watering profits the energy companies are now making on the back of all of us why cannot the government LEGISLATE to set maximum unit prices for energy as these massive profits indicate PRICE GOUGING to me? I would suggest by the regulator Ofgem, but they have demonstrated themselves to be totally and utterly useless. Serious question.
Why doesn't this question have more likes? It's the underpinning for all of this
Thankyou.. Just seen this. Clear and consise and no waffle.
And fuel duty is going up by 12p.
Use public transport.
Thank you Martin for so eloquently explaining what's going on !
Thank you Martin.👍
the triple lock won't mean much if the government yet again moves the pension retirement date. I think they'll make us retire at 70 but when will the cut off date apply. I'm 62 and hoping I can still claim my pension in 5 years. Any thoughts ?
Your retirement date is already set and wont see it change this close.
It'll mean something to the people who already receive state pension. Advice: you may have to work longer than you had originally expected, adjust your expectations and look at possible options for when you do reach state pension age, take care of your health and stay fit - there's a lot to look forward to!
@@TONE11111 Thanks for replying I sure hope so.
@@russthomas02 aah ok that seems fairly logic, thanks for replying.
That’s only the state pension age you can retire from 55…and it’s fab!
Standing charges £308.97 a year before any electricity or gas is used
Thank you, I feel less clueless about the financial future now. I feel i need to up my earnings anyway I can to help alleviate this recession. we're all in this together; regardless of who is to blame.
I hear a lot about the energy bill going up to £3000 from April 2023. Surely this is dependent on the persons usage? Use more energy than the average and one would pay more. Use less and one would pay less. The weather will also have an impact on the amount one pays. I think this ballpark figure of £3000 is very misleading.
It's based on the average usage use of an average household. What's more meaningful is that the cost of energy is double what is was last winter and the increases won't stop there. I want to what they're doing with the increase from 25% to 35% in windfall tax? They should be using that to lower our bills and not reduce support, especially when energy gaints are rubbing our noses in it announcing huge profits.
It certainly is very misleading and scares a lot of people that don't understand. It would be much better if news, newspapers and well everywhere instead talked about how much each kWh would increase by, rather than this so called "typical use".
Most people I know are now paying 2 and a half times what they were last year for energy. It's crippling us. Any higher and we won't be able to cope - regardless of the income rises.
My electric has doubled since September 2021. Used to cost about £33 a month now it is over £60. I expect my electric and gas bill to be about £160 this month, already spent £85 this month.
Last month it cost £129.
@@mrsmith4489 standing charges currently make up about £45 of the monthly bill. £600 ish a year. The previous full year before it went mental my entire bill was only 980 for the year. My usage to date this month is already more than my bill for whole of november last year and we still have 2.5 weeks left to go.. Its just madness
You can thank the Russians for the price increases...
Just wait for when everyone has to remortgage! a £300k mortgage will pay £10k ish a year more
@@LEWIS1992 The price of gas started to rocket 8 months before the war in Ukraine. Normal price 50p, Oct 21 300p, Dec 21 450p. War started 24th Feb 2022.
Martin. You are a legend . Thank you for everything you do .
Bloke just calls for more government intervention. He's the definition of communism.
If you crossover into the 40% tax bracket, does that still clobber you for more tax on the company car for private use? Sometimes the rise is just not worth taking…
Thank you for all you do. The public is very greatful
The government subsidises while the energy companies make massive profits. The market is broken.
Petrol and diesel fuel duty to increase by over 23% Martin.
£2/litre time again and my car sits on the drive for 28 days out of 30 again..
Get rid and use public transport.
@@Holycurative9610 can you clarify - if you don’t need to drive your car when fuel is £2 per litre, why are you driving it when the fuel is £1.50?
I don't get this, what are you doing to get a £3000 GAS and electric bill?
Very helpful. Thank you
Benefits are going up, but proper wages aren’t. Next year the age that one will retire( die at the job) will go up. You will never see your state pension or private pension, it will go straight to the Government.
Its a Ponzi scheme.
Minimum wage is increasing by quite a lot, so those on the lowest wage will see some benefit. If you earn above that it's up your employer what they pay you.
Spot on. The hope is that you die before or soon after you retire and then all the money you have paid in can be spent on taking care of illegal immigrants.
Energy bills never coming down again. Rents going up, fuel going up, energy up, food up, inflation/interest up. And those of us just above the shit storm get no help yet again. Let's hope our bosses are kind enough to give out an inflation busting 10% pay rise in April to take the edge off eh?
Going to take decades to come out of this sadly
And it's all down to lockdown, when they had no money coming in, but dished millions out in furlough. If you didn't see this coming, you're a fool. It was so obvious. They were never going to claw the money back without effing over the population.
Should never have gone into lockdown. Sweden and Florida are prime examples, where their economic forecast is far better than what ours is.
I WONT BE HOLDING MY BREATH NOT HAD A PAY RISE FOR AGES
Now is a good time to come out of Crypto and invest in dinghies,
I feel for you but it's not just you guys. I paid in 35 years and on legacy benefit so I get £150 that's it!! 35 years and a kick in the teeth
It's so more much better and pain free when a trusted person can simply explain without many political points scoring and lying about any help that is actually offered and where the actual back handed pain lies.
Thank you. You've saved me thousands over the years. You're a good man.
Does this mean that taxpayers are now subsidising the profits of the energy companies via the support payments to more people? People need these support payments of course. I am just trying to understand the bigger picture.
This is so good I-am so glad this man is able to explain this so simply, thank you.
Basically the tories are shafting everyone
you'd almost think he's a public service.
love him and his work but its a damn shame that theres a market for helping people survive government economic policy
Your my hero Martin!💕
You’re my hero 🦸♂️ too!
No mention of the fuel duty rises in March 23.
Yes, 12p per litre increase.
Thanks Martin, your explanation helped a lot. The thing I'd like to ask are people like myself on prepayment meters going to get a social tariff if and when one is introduced? Also people on disability benefits, will things such as pip rise at the rate of inflation like other benefits, because I don't think pip is means tested?
What a massive Hunt he is
I can't stop thinking of Jeremy Hunt in Rouge. Will the government address this issue if in April I'm still having these intrusive thoughts? Thanks for all your help.
Thank you. Also look at the cost of insurance. This is going up way beyond any inflationary increase. There are people who are not going to renew their insurance. There will be problems!
So with the Increased Cost of Electricity for Charging Electric Vehicles and now they are going to be Taxed what is the Insentive of Swapping over to one, I was under the Impression that Road Tax was Abolished Years Ago and that it was in Simple Terms an Emission Tax, Hence that Cleaner Vehicles Benefitted from a Reduced Tax, obviously not the Case from 2025.
The impact on the road networks are the same irrespective of power source so you should be paying just as much tax. Road tax in reality has nothing to do with the environment.
Renationlise the utilities and water immediately. Renationlising would be very popular
Thank you! This helps allot.
23% on fuel duty on petrol and diesel in March WTF 🤬
... bless you Martin 👍👍
Thanks very much, Martin, much appreciated. I've been greatly concerned about standing charges on energy bills but I note that you said lower users will get a lower rate for energy- when that scheme starts, that is. Would you like to comment on standing charges?
The energy price is higher because of the 30% green tax, they could just cut that for staters
so do you think people who have switched to green energy are paying 30% less.... there not, there robbin us all
But they are all involved with these green companies and make a fortune from it, they will never cut it.
Wind farms I believe are making 5 times more profit and still receive subsidies, it is literal theft.
The uk is well and truly fooked 😱
My friend earns £13,800 a year, can't get no help at all with cost of living etc, except for the £400 that everyone gets, she has a mortgage, car etc etc, now tax going up and council tax going up, she's better off on benefits
That's WEF plan, 1st the car goes,then she walks, need a job closer to home, & then she can't afford the mortgage ( oh that's OK, because Lloyd's bank want to be Landlords now) & by diversifying they will buy up repossessions & properties off this type, she won't be homeless just a tenant with a bank for a landlord. WIN WIN. A new format off the Workhouse. Who would off believed 23 yrs ago we were celebrating the era of a new millennium, built a white elephant called the Millennium Dome, sold it for a £1. Governments just take the piss ( taxing & squandering from the bottomless pit of working class taxpayers. IF money taxed was spent wisely, surely we would all be financially better off. The rich NEED poor people. We need a revolution.
Thanks Martin as always 👍
They are raising fuel duty by 23% next March.
Except this government won’t be in power in March!
The biggie after energy will be how can we make housing ownership affordable and not a middle class upper class benefit. Private landlords saying they provide a service for the lower class. In reality the banks have encouraged house cost rises pushing ownership out of a large proportion of the population. Creating a huge private rental market providing further incomes to the higher earners. Local house prices for me have increased 110% in 15 years. I have paid £150k in rent with no way to get onto the property ladder due to earning vs house price. Average household income was 37% of average house cost in 1990 as of 2020 it was down to 15% and continues to fall.
Why are the energy price so expensive when I was told that we got our gas from Norway . I just don’t understand it
they say that because of russian gas, other countries are also getting their gas from norway, which drives up the prices globally.. how true that is.. god knows..
@@bazza5699 supply and demand
What about those that heat with oil ?
still no news on this years help
There is information on gov.uk regarding this. Customers who are not registered with a gas company/households which are not connected to the mains gas network will recieve an additional payment of £100 onto their elecrtic, either via a discount on their bill or by additional money put on their top up voucher.
No date has been set for this yet, but it is the plan for those who don't have gas
I really appreciate all your hard work. Thank you
Give us the price per unit on electric.Price per kWh then i can make sense if the new increase coming
@D C I'm with UW and am on 40p and 14p for day and night rate as an E7 customer. £12/month standing charge to be added of course, if they don't get ya one way they'll got ya the other.
It's ALWAYS been about the implimentation of the Digital ID, Social Credit Score System and Central Bank Digital Currency. ....
They're being tested next year and FULL implimentation by 2026 ( Digital Slavery )
Many of us are fighting against DI & CBDC. Join us. Never use plastic for payment, CASH only. Urge others to too. We may win, we may lose, but if we don’t fight, we lost already.
monero to the rescue.
Just move over to somewhere warmer to live during winter months. Thailand looks good
Like a Breath of fresh air, simple honest information
Thank you Martin. One of the good guys x
He hasn’t got a clue. Monetary theory is beyond him.
Thank you for explaining in a clear way everyone can understand
Thank you, Martin
I'm in full time employment and don't receive any benefits. All I get is a nice raise in my energy bills from April. Squeezed middle yet again.
Ask for a pay rise, look for another job, look for a 2nd job, sell any unwanted goods.
If you're in the middle then you're not living in poverty.
exactly, its hard, and if s/e theres often nothing as your earnings are up and down, as for the unemployed and unemployable its even harder, some will turn to crime just to eat, then develop drug problems causing them to steal more. if the gov dont get a big stick and sort out the fuel and energy companies from these price hikes while making obscene profits the world will go to anarchy
@@NeonVisual How the hell do you know she is not living in poverty? She could be paying a massive rent/mortgage, have a growing family, have existing financial commitments. Why should she look for a second job when some people can't even be bothered to get one job!
Yep, got to pay for hotels for our ... visitors.
@@kelvincasing5265 7 million a day to house our "visitors" ya know🤮🤮
Put the central heating on it's as expensive as driving a car in fuel terms.
2% of energy comes from Russia?
As a 77yr old pensioner I trust and draw comfort from Martin's explanation of all things 'fiscal'. What would we do without him! Well deserving in my opinion of elevation to the House of Lords.
He’s got far too much integrity for that “honour”
What about the 12p a litre fuel duty in April 23
Both my husband and I are middle income earners, no benefits and in our early 60s. Why should we work? We are finding it harder and harder to get to the end of the pay month and don't have an amazing lifestyle by any stretch of the imagination. We're physically and mentally shattered at the end of each day. What is the incentive to carry on or is that the point? Do those in power want middle earners to give up work ,go on benefits and be dependent on the state so we are more easily controlled?
Won't be long until your better of on minimum wage with all the benefits tbh.
If you have savings; it will have an impact if you receive benefits. Wages will slowly catch up i believe not by as much as inflation but just hang in there. I plan on buying Gold. Also there are lots of opportunities to work from home these days.
Don't work then simples
You're probably on to something there. It does seem like they want more benefit claimants in society, not less
Martin is a legend! 👍
Thanks an informative vid very strange price caps which we are paying for?
Thanks Martin.
Why are gas and electricity prices going up when these companies make massive profits?
Woooo hoooo I’m quitting my middle income job and going on benefits, then booking my ski holiday. F*ck working!
Unless we vote in Guy Fawkes this won’t get any better
Isn’t he dead?
Hear hear
@@johnhollyoak9295 nope I saw him in a wheelbarrow being pushed towards the local bonfire pit ;)
Loving how Martin went out of his way to bring this analysis.
It raises his profile and therefore his income. He's already worth over £100m.
@@jjefferyworboys8138 and!!!! Martin Lewis could retire if he so wished. The man is clearly driven to help us all in any way he can....also the more he earns the more income tax he pays go figure.
Yes, can’t have been easy to sit down and turn on a web cam, he’s such a hero.
@@senseofthecommonman He is indeed..
So how is that fair. Work shy gets a inflation rise but the low paid get fucked.
For now ! They will be on their backs fast
What is the incentive to work
...no incentive to save, as you won't get financial help, even if on minimum wage...
Legend.
Thank you 🤙
The People's champion
You can watch a million of these videos, the same pattern happens, the lazy get more, ( NOT the elderly, sick, or disabled) the rich dodge tax, and the middle wage bracket get hammered once again, same pattern decade after decade, when are people going to wake up
Would P.i.P. be going up please Martin.?
Yes