This week’s events in the Middle East have sent stock markets plummeting and energy prices soaring. Money expert Hilary Osborne answered your questions about the cost of living.
In a week where Rachel Reeves had hoped to confirm a period of economic stability in Tuesday’s spring statement, global events once more overtaken the government’s best laid plans. The US and Israel’s war on Iran has shaken global markets and caused huge fears about energy prices and the impact they will have on inflation and the cost of living.
Hilary Osborne, Guardian’s money and consumer editor and has been busy answering your questions about the wider economic fallout – and many others below.
If you managed to grab a fixed rate below the current price cap then well done – even if it isn’t as a keen a deal as you might have got last week, you will probably still be happy with your choice if energy prices go in the direction that experts are expecting.
In April, the price cap set by the regulator, Ofgem, is set to fall to £1,641 a year for a typical household buying gas and electricity from the same supplier and paying by direct debit.
This is a tricky one – council tax bills are set to rise again in April, and in many areas they will be going up by the maximum 4.99% that can be applied [in England] without a referendum. As an individual there is not much you can do about this, beyond checking if you are entitled to any discount. If you live on your own you should be entitled to 25% off your annual bill, and there are certain people who are exempt from being charged, including students. To check if you qualify to pay less, you can put your postcode into the government website and it will direct you to the right page on your council’s site. If you’re really struggling, do tell your council as they often have discretionary help available. Don’t wait to get into arrears as councils can escalate debts quickly and ask you to pay your entire annual bill after just one missed payment. This is something debt charities are currently lobbying the government to change.
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