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200 Pound Shock Increase on Power Bills

It was recently reported in the national press that energy prices are due to rise once again.  Scottish Power announced that gas tariffs are to rise by 19%, with electricity up 10%, which is likely to be followed by their competitors.

It comes as a report reveals food prices are rising at 4.9%.  These fuel and food rises are having the biggest impact on household incomes.

Inflation, which is currently at 4.5% is expected to rise, in response to their price increases.  This will consequently have an impact on interest rates as the Bank of England will be under pressure to raise the rate.

It was also reported that the increases in fuel and food are forcing some pensioners to choose between the 2 commodities.  Pensioners are favoring fuel over food as they are concerned about running out of heat and light over the winter months.

Homeowners aged over 55 years who worried about rising fuel prices and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.