The current cost of living crisis is affecting people across the country, with food, energy and transportation costs all rising year on year.
Fortunately, there is some hope in sight, as energy firms have recently committed to passing on cuts in energy prices to the consumer, reducing their profit margins and making energy bills more affordable for the average household.
Which Energy Companies have Made the Announcement?
It would appear that all of the energy companies are on board with the new plans to pass on savings to their customers. EDF and Scottish Power have been among the first to say that they would be passing on the discounted energy prices to consumers, addressing some consumers’ concerns that only the energy companies themselves would benefit from the recently reduced energy prices. Further energy companies, including British Gas and Ovo have already made the same commitment.
Indeed, the onus is on the energy companies to ensure compliance with this. Compliance is, of course, an area of key importance, and FCA compliance consultants such as //www.adempi.co.uk can support businesses with all aspects of compliance.
Has the Government had a Say?
Yes, the UK government has also been involved in this situation. Indeed, the Chancellor of the Exchequer, Rachel Reeves, said in the recent Autumn budget that the average household should see their energy bills drop by an average of £150 according to Gov.UK’s press release.
While it appears the cost of living crisis is still raging on, there is some light on the horizon.
