Ofgem
This coverage examines Ofgem’s regulatory actions and their implications for the UK retail sector, offering insights for retailers, brand managers, business executives, and professionals overseeing operations and strategic planning. It reports on energy price cap adjustments and also addresses Ofgem’s initiatives to enhance financial resilience among energy suppliers and its enforcement actions to improve customer service standards. This provides context on how these regulatory developments affect energy pricing and reliability for retail businesses.
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Aug- 2022 -26 AugustEconomy
Energy price cap to rise by 80% to £3,549 from October
Ofgem has confirmed that the energy price cap will increase by 80% to a record £3,549 a year for dual fuel for an average household from 1 October 2022. The rise will affect those on standard variable tariffs, with the record annual bill only being based on typical usage. At…
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Jun- 2022 -16 JuneEconomy
BoE raises interest rates to 1.25%
The Bank of England’s (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation. The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…
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Feb- 2022 -3 FebruaryEconomy
Energy price cap to rise 54% from April
Retail bosses are braced for a spending squeeze after it was revealed the energy price cap is set to increase by 54% from 1 April amid a “record” increase in global gas prices, in a move that is set to affect approximately 22 million customers. Energy regulator Ofgem announced that…
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