A recent report has claimed that the UK public is being overcharged for energy and by more than one and half billion pounds every year.

With the cost of crude oil now less than half of what it was in January of this year, the savings that the energy suppliers must be making in their raw material costs are far away from being reflected in the financially choked British consumer’s gas and electricity bills.

While a large number of consumer protection groups have picked up on this point and begun to pressure the energy suppliers to reduce their bills, the UK government seems to be “sitting on their hands”. With the general feeling that the man in the street continues to be the whipping boy for profit hungry conglomerates, this apparent lack of regard for their plight really sticks in the throat of those who are concerned for the well being of Britain’s sick and elderly. There is no reason why significant reductions cannot be made in utility bills.

Until the UK government does step in, the only defence that the UK consumer has is to shop around and compare prices. If their current energy supplier seems to be overcharging them, no time should be wasted in stating their displeasure, and not waste time and energy by threatening to move on to a new supplier, but beginning to take the necessary steps to do so. Many consumers, who have tried this move, have been surprised to discover that their existing energy supplier will pull something out of the hat to keep their business.

Although it is often easier said than done, the UK consumer could take certain initiatives to reduce the cost of buying energy. The first is by paying promptly, preferably by direct debit, which could amount to saving of around £7.00 a month.

Paying online, especially if you are capable of reading your own meter can save even more. Watch your electric appliances, and switch them off when not in use, even if it is a pain in the neck. If you are finding it difficult to cope financially, and the circumstances allow it, you may even be eligible to certain government grants that will help you to pay your energy bills or better still reduce them through energy saving methods such as improved insulation among others.

All that will help till the UK government starts wielding the big stick at the energy companies. Don’t hold your breath.

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Tags: Energy Company's, Energy Prices, Fuel, Fuel Costs, Fuel Package, UK energy suppliers, UK’s oil and gas

Like a headless chicken, UK treasury officials seem to be running around handing out tens of billions in attempt to keep some of Britain’s traditional industries, especially those in the service sector afloat, and some may say without any real financial justification. Even more galling is the fact that at the same time investments in replacement industries are being shunned. These are industries which could bring considerable income and profits as well as providing up to 70,000 new jobs within the next decade. The industry in question is in creating energy through wind turbines which could be positioned in and around the UK coastline.
A recent study has shown that the UK is lagging seriously behind in their target of sourcing 15% of its energy from renewable scources by the year 2020.

Wind energy is expected to comprise the largest ingredient of that target, however unless the government rapidly and begins to invest, the UK will miss out on a real opportunity to create green jobs.

On the stock exchange, Anglo Dutch publishing group, Rees Elsevier had their shares rise on after some of the leading investment banks announced that the company’s shares were undervalued. This was soon put right as on the day their shares rose by 5.9 per cent (29 pence to 487)

The media sector enjoyed mix fortunes with Thomson Reuters falling by 4.2 percent on the same session. (64 pence to 1640) The decline came after investor prediction that the company’s financial information business (Markets) will suffer a significant deterioration in sales this year.

The mining and banking sectors seemed to be the safest options yet again.

The popular British pastimes of smoking and drinking seem to be holding on their own. Tobacco giants had a good day, with British American Tobacco adding 4.3 percent (75 pence to 1566), Reckitt Benkiser also rose 4.3 percent (108 pence to 2612) and Imperial Tobacco taking up the rear with a 3.6 percent hike (61 pence to 1482). Pub operator Enterprise Inns also did well adding 10.6 per cent ( 12 pence to 126) and their colleague in the industry Marstons announcing that trading had distinctly improved since January, pushing their shares up 0.8 per cent better ( 1.3 pence to 158p)

As the lights went down, the FTSE 100 closed at 3,968.4 points, down by 20.6 points, or 0.5 per cent, lower, while the FTSE 250 dipped 42.8 points to 7,109.4 points.

The pound climbed for a second day against the dollar, as well as strengthening to less than 89 pence per euro for the first time in five weeks.

Pound/US dollar 1.998

Pound/Euro 1.1343

Pound/Japanese Yen 127.58

Pound/Swiss Franc 1.6425

Wall Street shares had a moderate day on trading with the Dow Jones Average climbing over the 8,000 mark (109.44 points to 8029.62). The Nasdaq rose a mere 1.08 points to close at 1626.8

The dollar continued to gain momentum against a weakening Euro as well as the Japanese Yen, on the back of date released showing g a monthly fall in US inflation data boosting demand for the currency.

US retail sales fell in March by 1.1 per cent, dashing recent hopes that consumer spending might finally be stabilising. Trade analysts were on the look- out for a small increase yet put the decrease down to slowing sales of cars, electronics and home appliances.

In the Far East, the news that Singapore’s trade-dependent economy has contracted by a record 11.5 per cent in the first three months of 2009 from a year ago, the 11th consecutive monthly decline was much more severe than expected. The news has forced the Singapore government to cut its full-year GDP forecast from minus 6 per cent to minus 9 per cent, making it the worst postwar performer this year.

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Tags: Alastair Darling, Economics, Fuel, GDP, Money, UK Recession

In the erratic financial atmosphere that we are living through, nothing should surprise us anymore. However the news that the UK’s oil and gas production from the North Sea is in jeopardy should be enough to wipe the file from the face of even the most diehard optimist. And why is this about to happen? Because the government has spent all of its money bailing out banks, insurance companies and building societies and had little money left to finance continued exploration. If a major scources of finance does not become available and soon, the unbelievable facts are one of the western worlds most important deposits will not be capable of realizing its total potential. .

Oil discovery experts now claim that the number of exploration wells being drilled in the North Sea has fallen by a staggering 78 per cent in the first quarter of 2009 in comparison to the same period in 2008.

The news that British Telecom is to consider cutting several thousand jobs as part of their cost reduction program for the financial year 2009/2010 continues to hang in the air. The cuts will come in addition to the 10,000 jobs cuts that BT arrived at in their last financial year, and comes in the light of further profit warnings issued by the company.

Another tarnished communications giant, International Business Machines or IBM as we all know and love them have announced that they will also be lying off thousands of staff in locations across the globe, including the UK. The company intends to transfer jobs to Eastern Europe, China, India and South America. Indian employees at IBM reputedly earn about 10 percent of the amount paid to U.S. employees performing similar tasks.

After the long holiday weekend, the FTSE index is expected to open with a rise, on the optimistic news that Goldman Sachs posted a much higher first-quarter profit than expected.

Before the Easter holiday the FTSE100 closed up 1.5 percent (58.19 points at 3,983.71) on Thursday, with the FTSE 250 closing at 6,978.65

At close of trade on Thursday, sterling had risen slightly against the dollar and the Euro and held its price against the Japanese Yen and the Swiss Franc:

Pound/US dollar 1.4867

Pound/Euro 1.1181

Pound/Japanese Yen 148.05

Pound/Swiss Franc 1.6941

Wall Street was open for trade yesterday and enjoyed a mediocre day.

The Dow Jones Average dropped 25.5 to close at 8057.81. Nasdaq did better, even rising 0.77 of a point to 1653.31

It was obvious on trading that the market was looking for some kind of a pick-me-up, with none forthcoming. Investors were unsettled by the news that filing from General Motors were considering filing bankruptcy. All in all Wall Street is facing a crucial week for corporate earnings and economic data, with some of its biggest names scheduled to unveil quarterly results, among them JPMorgan Chase and Citigroup from the banking sector; Intel, Google and Nokia from the hi-tech sector and industrial giants Johnson & Johnson, General Electric and Mattel. The hope is that the tone has been set by Goldman Sachs’ who beat all first-quarter forecasts, in a sign a further sign that the worst may be over for financial firms.

In the meantime AIG confirmed that its financial products unit, whose soured bets on credit default swaps forced the company into government hands last year, has failed to sign up for the overhaul of the global derivatives market which was given added impetus by the troubles at the US insurance group.

Growing optimism in Asia is evidenced by the news that Chinese stocks have climbed to their highest levels for nearly eight months as data showing a record surge in bank lending and money supply last month fuelled hopes of an early economic recovery in the country.

On Monday, the Shanghai Composite index rose 2.8 per cent to 2,513.48

On early trading Tuesday some Asian stocks fell backwards as disappointing profit reports at Qantas and Sumitomo Realty were announced.

The Nikkei was down -1.61% (143.45 points to 8,780.98) whiles the Hang Seng rose by 1.75% (260.37 points to 15,161.78)

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Tags: Bank, Banking, British Economy, Credit Crunch, Finance, Financial News, Fuel, Fuel Costs, Recession, UK Banks, UK Recession, UK’s oil and gas

There are many things that households can do to beat the credit crunch. Let’s look a few of them.

One woman, English teacher Kath Kelly (admittedly after a drunken bet) lived off just £1 a day for an entire year! She collected dropped change on the street, gave up her mobile phone and went to open lectures at Bristol University and ate the free buffets. She went into grocers and butchers at the close of business and picked up cheap food and shopped at jumble sales. Not only that, but she managed to hitch hike to her brothers house in France for a holiday in the middle of it all! She has a book out called “How I lived on just a pound a day”, published by Redcliffe at £6.99….or one week’s income.

Use cash back sites

Many sites will allow you to claim back some of the commission they receive. These are referred to as cashback sites. Some of the savings can be substantial so if you are making any online purchases, check with them first to see if you can get a better deal. Just Google UK cash back sites for a wide choice.

Drive a hybrid

We all have to make journeys of some description so how about turning in that expensive car for a nice economical hybrid? The cost of a hybrid will soon be offset by the substantially lower running costs, including reduced road tax!

Use a fuel search website

Search http://www.petrolprices.com/ any time you need to fill up and arrange a journey to get you close to the petrol station in question. Don’t under estimate the amount of money you can save over a year by using this type of website.

Get a cash back credit card

With Christmas coming, why not get a credit card that offers cashback? There are plenty of them about and they only need a little research. Some pay as much as 5% cashback and at Christmas when you could spend thousands, why not get the cashback and give yourself a nice little.

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Tags: Cash Back, Christmas Spending, Credit Crunch, Fuel, Fuel Costs, Hybrid, Kath Kelly, Petrol, Road Tax, UK Credit Cards