“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.
@@JudeTheRU-vidPoopersubscribeyou 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...
Told people to fix energy three days before the price dropped, told everyone to put savings in Icelandic banks they crashed and money not covered by the FSCS….
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.
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.
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! 😆
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 🤔👍
Thanks for this early explanation, Martin, and for meeting Hunt. Fuel duty rise from April 2023 seems to have been overlooked as its deliberately buried in the detail of today's statement. Won't this contribute substantially to inflation?
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.
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 👏🏻👍🏻😊
If you felt that the world was previously under your control you were mistaken. All any of us can ever do is stay informed and make the decisions that are right for us. No one owes us a living, we have to make the best of our situation - or strive to improve that situation. I'm retired so have few options - but don't feel powerless. Your photo shows someone young enough to have a chance to achieve whatever he sets his mind to. I would happily swap :)
Simply nothing but absolute slavery is left for anybody that works for a living.. and soon you won’t be going abroad on holiday, or eating meat, or celebrating Christian holidays… all part of a plan
You are right to feel this way, because it’s true and literally no hope in sight. Labour are just as bad, even with all that we face they still talk of borrowing £30billion a year for green energy, can you imagine the good that money could do if spent where it’s really needed. If I were you I would turn off the news and live your life to the full while you can.
Why is there never anything for single people? I’m paying all bills myself and paying off my own mortgage. I work full time and actively save by not going out much and carefully spending my money where needed (new clothes etc). I’m constantly being squeezed with absolutely no assistance apart from a small council tax discount. I’m lucky enough to be in a position where I have never had to claim benefits but by the time I renew my expiring mortgage, I’ll be living pay check to pay check.
Because you, like the rest of us simply don’t matter, the banks and energy companies are happy so the government are doing the job they are intended to do.
I'm in the same boat on low wage , live alone , no help off anyone , which is fair enough , but I see other people at work married or partners , getting benefits , tax allowances, Really annoying.
Single people are inefficient consumer units, they selfishly take up a whole property to themselves and are therefore to be ‘discouraged’. (I am one such myself).
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.
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.
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
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.
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.
Helps explain it. It just makes me sick and dread the next couple of years. Go to be a tough one am already cancelling plans for next year as not sure I will be in a position to afford.
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.
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
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.
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.
Modern day Robin Hood. Can we try get car fuel prices down? That will help businesses and people.. also lower VAT on essentials such as food and clothes. Also force landlords who rent homes out that are uninsulated walls to give a rent cap... as people living in poorly insulated rented homes in private sector pay just as much rent as those insulated on the same streets due to the housing shortages. Now interest going up builders are already planning to not build as much next year to manage their books on sales. So let council's build more houses to make up the shortfall? Big untappedmachine waiting to go their.
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
Believe I’m correct in saying that someone on £150k now pays the same tax as had the Health Levy come into effect but actually SAVES on incremental income above £150k. Can anyone else confirm they ran similar math?
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. 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!
I wish Martin was in politics ,he has the admiration of million,s of people ,,could he not advise them somehow ,at least on the economic state ,I feel a let them eat cake is not far away 🥴
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?
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…
@@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. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-VTl5tsN9nWI.html
