Forums

Forums
Sustainable Sidetra...
Electricity, Tariff...
Electricity price p...
 
Notifications
Clear all

Electricity price predictions

 
Page 20 / 116
Electricity, Tariffs, Monitoring & Providers
Last Post by Batpred 13 hours ago
1,383 Posts
57 Users
754 Reactions
222.4 K Views
RSS
 Derek M
(@derek-m)
Illustrious Member Member
Joined: 5 years ago
Posts: 4425
27/05/2022 6:06 pm  
Posted by: @prjohn
Posted by: @derek-m
Posted by: @prjohn
Posted by: @derek-m

 This money will have to come from higher taxes on us, our children or even our grandchildren in the future, or by government borrowing which could make the cost even higher.

 

This is a common myth that government investment and/or spending comes from taxes. The government owns the BoE and is also the currency owner and issuer thus cannot be indebted to itself. This website is not the place to debate this but it is sufficient to say that the government can raise the money if it so wishes. 

That's great news prjohn, so the Government can abolish all the taxes since they are surplus to requirements. That will solve the energy crises and cost of living crises at a single stroke.

No, I didn't say that. If you really want to know how government spending works there is a considerable amount of information on the internet. Also, how did the government raise the funding for Covid spending? It wasn't through borrowing.

 

Whilst I obviously don't know the inner working of Government like you, the way I interpret your statement 'This is a common myth that government investment and/or spending comes from taxes.' would mean that they collect the tax money but don't use it for Government investment or spending.

If that is the case then what do they do with the tax revenue? Do they put it in their Swiss bank accounts.

Please explain where the money comes from that the Government does spend.


This post was modified 4 years ago by Derek M

   
ReplyQuote
Transparent
 Transparent
(@transparent)
Famed Member Moderator
Joined: 4 years ago
Posts: 3081
27/05/2022 6:10 pm  
Posted by: @derek-m

Please explain where the money comes from

From the European Money-tree Fund.  😋 

(It doesn't come across quite as well in print. Try saying it out loud)


Save energy... recycle electrons!


   
👍
2
ReplyQuote
Jeff
 Jeff
(@jeff)
Prominent Member Member
Joined: 5 years ago
Posts: 562
27/05/2022 6:56 pm  

Borrowing, including QE where the Bank of England buys debt. The Bank may begin selling some of the debt in 2022/2023

https://www.bbc.co.uk/news/business-50504151

Taxes

https://ifs.org.uk/taxlab/key-questions/where-does-government-get-its-money#:~:text=The%20government%20raises%20around%20%C2%A3,contributions%20(NICs)%20and%20VAT

 


This post was modified 4 years ago 2 times by Jeff

   
ReplyQuote



 Derek M
(@derek-m)
Illustrious Member Member
Joined: 5 years ago
Posts: 4425
27/05/2022 8:32 pm  

@jeff

So it would appear that the Government does use money raised from taxes, quite often along with money also borrowed, to fund its spending plans. Of course if it spends more money, then it will require more tax income and/or borrowing to balance the books. Silly me, I thought that it all came from the European Money Tree, but since we are no longer in that club then I hope someone stole a cutting so that we can grow our own.

Back to the real world. Use less energy. What you do use do so in the most efficient manner. Spend your £400 on improved insulation if you can afford to do so.



   
👍
2
ReplyQuote
Jeff
 Jeff
(@jeff)
Prominent Member Member
Joined: 5 years ago
Posts: 562
27/05/2022 8:52 pm  
Posted by: @derek-m

@jeff

So it would appear that the Government does use money raised from taxes, quite often along with money also borrowed, to fund its spending plans. Of course if it spends more money, then it will require more tax income and/or borrowing to balance the books. Silly me, I thought that it all came from the European Money Tree, but since we are no longer in that club then I hope someone stole a cutting so that we can grow our own.

Back to the real world. Use less energy. What you do use do so in the most efficient manner. Spend your £400 on improved insulation if you can afford to do so.

QE is perhaps the least understood where the government issues debt and the Bank of England buys some of that debt.

https://www.bankofengland.co.uk/monetary-policy/quantitative-easing



   
ReplyQuote
 Derek M
(@derek-m)
Illustrious Member Member
Joined: 5 years ago
Posts: 4425
27/05/2022 8:58 pm  

@jeff

QE, Is that not another way to describe 'live now, pay later', or better still, get someone else to pay later.



   
ReplyQuote



 prjohn
(@prjohn)
Estimable Member Member
Joined: 5 years ago
Posts: 125
06/06/2022 8:45 pm  

Where in the UK has the most expensive and cheapest energy bills?

A comparethemarket survey: https://www.comparethemarket.com/energy/content/the-energy-index/



   
ReplyQuote
Transparent
 Transparent
(@transparent)
Famed Member Moderator
Joined: 4 years ago
Posts: 3081
06/06/2022 9:12 pm  

That link seems to be data from autumn '21 @prjohn  Have you seen any costs of electricity by region since the April increase?


Save energy... recycle electrons!


   
ReplyQuote
 prjohn
(@prjohn)
Estimable Member Member
Joined: 5 years ago
Posts: 125
06/06/2022 9:40 pm  

From their web site. All data is sourced from comparethemarket.com from customer Energy Quotes between June 2020 to June 2021.

I assume this years data wouldn't be out until much later. As they have done this once it might be out earlier. We could extrapolate and make an educate guess that the rankings wouldn't really Change, as everyone was facing the same increases.



   
ReplyQuote



Jeff
 Jeff
(@jeff)
Prominent Member Member
Joined: 5 years ago
Posts: 562
07/06/2022 5:48 am  

There is regional price cap data on the ofgem site if it helps

https://www.ofgem.gov.uk/publications/default-tariff-cap-level-1-april-2022-30-september-2022

In the Subsidiary documents section.

There is similar data for previous price caps on other pages if you want it


This post was modified 4 years ago by Jeff

   
ReplyQuote
Mars
 Mars
(@editor)
Illustrious Member Admin
Joined: 5 years ago
Posts: 4306
07/06/2022 7:09 am  

Given how many wind farms there are in Scotland, they are getting shafted with the highest tariffs in the UK. London the cheapest by some way.

A562B6FC BF91 413B 815B 691203CAFB6B

Get a copy of The Ultimate Guide to Heat Pumps

Subscribe and follow our YouTube channel!


   
👍
2
ReplyQuote
Jeff
 Jeff
(@jeff)
Prominent Member Member
Joined: 5 years ago
Posts: 562
07/06/2022 7:20 am  

Regional info on Standing Charges price cap if it is useful

Price per day for Single Rate Electricity Meter from April 2022 by British region in order of percentage charge.

  • London: up 8p a day to 31p - a 38% increase
  • Eastern: up 13p a day to 36p - a 58% increase
  • South East: up 17p a day to 40p - a 73% increase
  • North West: up 17p a day to 40p - 73% increase
  • Southern: up 18p a day to 41p - an 80% increase
  • Yorkshire: up 21p a day to 46p - an 81% increase
  • North Scotland: up 22p a day to 48p - a 83% increase
  • Northern: up 21p a day to 46p - an 85% increase
  • East Midlands: up 20p a day to 43p - an 88% increase
  • Midlands: up 22p a day to 46p - a 92% increase
  • South Wales: up 22p a day to 46p - a 94% increase
  • Southern Scotland: up 24p a day to 47p - a 100% increase
  • South Western: up 25p a day to 49p - a 101% increase
  • North Wales & Merseyside: up 23p a day to 45p - 102% increase

Source: Ofgem


This post was modified 4 years ago by Jeff

   
👍
4
ReplyQuote



Page 20 / 116
Forum Jump:
  Previous Topic
Next Topic  

Currently viewing this topic 20 guests.

Recently viewed by users: ASHP-BOBBA 43 minutes ago.



Share:

Join Us!

Worth Watching

Latest Posts

Click to access the login or register cheese
x Powerful Protection for WordPress, from Shield Security PRO
This Site Is Protected By
Shield Security PRO →