SPADER Posted April 3, 2013 Share Posted April 3, 2013 Heating oil in Northern Ireland 'up by 60% in three years' http://www.bbc.co.uk/news/uk-northern-ireland-22000903 "Home heating oil has risen 60% in the last three years and 68% of homes in Northern Ireland are reliant on it. "That's why we have the highest energy bills in the United Kingdom." Annual oil bill hits £1,700 for NI homes http://www.u.tv/News/Annual-oil-bill-hits-1700-for-NI-homes/9859243e-9668-4933-b868-cb95ed7d83fa Cost of 900 litres today = £545 Cost of 900 litres April 2010 = £425 Cost of 900 litres April 2008 = £505 I guess the headline "Home Heating Oil Rises 8% in 5 Years" wouldnt have got as much attention though..... Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted April 3, 2013 Share Posted April 3, 2013 Cost of 900 litres today = £545 Cost of 900 litres April 2010 = £425 Cost of 900 litres April 2008 = £505 I guess the headline "Home Heating Oil Rises 8% in 5 Years" wouldnt have got as much attention though..... well spotted Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 4, 2013 Author Share Posted April 4, 2013 Cost of 900 litres today = £545 Cost of 900 litres April 2010 = £425 Cost of 900 litres April 2008 = £505 I guess the headline "Home Heating Oil Rises 8% in 5 Years" wouldnt have got as much attention though..... Depends on your timeframe. £1,700 pa should be headline enough. http://www.consumercouncil.org.uk/oil-price-watch/oil-price-archive/14/21st-january-2009/ Cost of 900 litres Jan 2009 £319 Cost today £568 Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 5, 2013 Author Share Posted April 5, 2013 Petrol pump sales decrease over five years, says AA http://www.bbc.co.uk/news/uk-22035949 Forecourt sales of petrol have plunged by more than 20% in five years, the AA has said. Combined with an increase in the sale of diesel, total vehicle fuel sales fell by 9% over the past five years. Petrol Retailers Association chairman Brian Madderson said: "It's amazing to think that just four years ago, in spring 2009, petrol was £1 a litre. For £20 you could get 20 litres. Today when you spend £20 at the forecourt you get less than 15 litres. "In 2000, 10% of new cars were diesel. Last year, over 50% of new cars were diesel and with that kind of change, and motorists cutting back on discretionary spending we do see right across the UK petrol sales in steep decline." "The trouble is that, with global economic recovery, the stock market will predict greater oil and fuel demand and push up commodity values accordingly. He added: "Drivers' fuel consumption and retail survivability are already precarious. What will happen when the speculators pump themselves up with bullish sentiment and send prices soaring yet again?" Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 5, 2013 Author Share Posted April 5, 2013 Rates hike means we're all faced with the big squeeze now http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/rates-hike-means-were-all-faced-with-the-big-squeeze-now-29173475.html Families in Northern Ireland are facing an even bigger squeeze on their budgets following a hike in the annual cost of rates. Domestic rates are up by as much as 3.77% at a time when many households are losing child benefits as the Welfare Reform Act kicks in. It comes against a backdrop of soaring food, fuel and oil prices, as well as bad weather which has exacerbated expenditure on electricity and gas. Figures from the Department of Finance and Personnel (DFP) indicate that the average domestic rates bill here is around £800 for 2012/2013. But this year's bills are set to be higher for many families as they are going up in all but two of Northern Ireland's 26 council areas. Householders in Strabane are seeing the biggest rise of 3.77%, followed by 2.9% in Castlereagh. Ballymena homemaker Margaret Kerr said a 1.65% hike meant her annual bill had increased from £884.64 to £924.24. "If we pay the entire amount before May 3 we'll get a discount and it will cost £887.27, which works out at £2.63 more expensive than last year's bill," said the retired civil servant. "We try to pay it in one go, but that's getting harder to do these days as the cost of everything else also seems to be going up. "Just last week we paid £536 for 1,000 litres of home heating oil which took an enormous chunk out of our small budget." A basket of goods comprising 13 items, including bread, butter, eggs, milk and teabags, went up 21% between 2008 and 2012 from £27.82 to £33.57, according to figures from the Office for National Statistics (ONS). Over that same period, the ONS found the cost of petrol and diesel rose by 26% and 29% respectively, while coal prices rose 27%. Meanwhile, home heating oil prices also surged by 28% during that time, while unemployment this year hit a 15-year peak and real incomes fell by up to 8% for workers in the private sector. Money and debt advisor at Citizens Advice, Eddie Smith, said the number of people asking for help with rates debt had soared. "There has been an increase of around 26% in the number of cases connected to domestic rates bills this year compared to last," he said. Economist John Simpson said full-time employees in Northern Ireland are around £810 a year worse off than in 2008 due to the rising cost of living. He said prices went up by 13.4% between 2008 and 2012, while average weekly earning only increased by 10% in the same period. Mr Simpson also pointed to a fall in real income of 3.4%, which in monetary terms equates to around £15.60 per person a week. Richard Ramsay, chief economist for Northern Ireland at Ulster Bank, said: "When everything is averaged out prices are up 20% since the start of the credit crunch in 2007 until now." Quote Link to comment Share on other sites More sharing options...
SPADER Posted April 5, 2013 Share Posted April 5, 2013 Depends on your timeframe. £1,700 pa should be headline enough. http://www.consumercouncil.org.uk/oil-price-watch/oil-price-archive/14/21st-january-2009/ Cost of 900 litres Jan 2009 £319 Cost today £568 thats a 78% increase!! "Not so much the squeezed middle as the squashed bottom" Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 6, 2013 Author Share Posted April 6, 2013 UK households will be £891 a year worse off due to new tax changes, warns Labour http://www.independent.co.uk/news/uk/politics/uk-households-will-be-891-a-year-worse-off-due-to-new-tax-changes-warns-labour-8562795.html "Families with children are being hit hardest of all. For example, a one earner family with children will be a staggering £4,000 worse off on average this year because of tax and benefit changes since 2010. And this is on top of the income squeeze we have seen over the last three years as a flatlining economy has seen prices rise faster than wages. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 7, 2013 Author Share Posted April 7, 2013 (edited) Women to lose nearly £4bn in latest household budget cuts Changes to benefits and personal taxation mean the female population is hit hardest http://www.independent.co.uk/news/uk/politics/women-to-lose-nearly-4bn-in-latest-household-budget-cuts-8563136.html Nearly 94 per cent of the cuts to household budgets this year will directly hit women, new figures revealed last night, as the battle over benefits switched to tax. Cuts to child benefit and tax credits, and changes in personal taxation, that take effect in 2013-14 amount to a net £4bn off the family budget – £3.778bn of which comes from the purses of women, according research provided by the House of Commons Library for the Shadow Minister for Women and Equality, Yvette Cooper, who last night accused David Cameron and George Osborne of "shutting their eyes" to the impact their decisions were having on women, at the same time as cutting tax for the richest. Some 98 per cent of people who lose out on child benefit cuts are women. Women comprise 65 per cent of those affected by public sector pay restraint, 80 per cent of those affected by the housing benefit cap, 60 per cent by the council tax benefit real-terms cut, and 78 per cent by cuts to tax credits. Edited April 7, 2013 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 16, 2013 Author Share Posted April 16, 2013 Cheap as chips? Not any more as potato prices grow by 250% http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/cheap-as-chips-not-any-more-as-potato-prices-grow-by-250-29193737.html Food inflation on 6.30 BBC newsline also Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 20, 2013 Author Share Posted April 20, 2013 Fewer jobs and weak wage growth cuts buying power http://www.newsletter.co.uk/news/business/fewer-jobs-and-weak-wage-growth-cuts-buying-power-1-5020605 FAMILY Spending power in Northern Ireland fell by £7 a week year on year in the first quarter (Q1) of the year, driven by a sharp increase in unemployment and the weakest regular wage growth on record. This compares to a an increase of £1 per week for the average UK household over the same time period, again highlighting the challenge facing households in the province in comparison to the rest of the UK. The information comes in the latest Asda Income Tracker which shows the average UK family had £154 of weekly discretionary income available to them in Q1 2013. In comparison, families in the province had just £54 of weekly discretionary income – just 35 per cent of the national average. Unemployment was the primary driver behind this fall, rising sharply to 8.4 per cent in the three months to February. According to the most recent figures, this is up from 6.8 per cent in the same period a year before and stands well above the UK average of 7.9 per cent. A weak increase in the average UK wage also contributed to the overall decline, with average regular pay up just one per cent over the year to February; a third of the rate of essential item inflation (3%) and the lowest rise since the ONS began collecting data in 2001. Rob Habron, economist at CEBR said: “This month’s annual decline in the Tracker highlights the tough conditions being faced by UK households, as pay growth slows and the cost of living rises at 3.0 per cent year on year. “Moreover, the outlook for the rest of the year is fragile.” Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 21, 2013 Author Share Posted April 21, 2013 Budgets squeeze hits women harder http://www.belfasttelegraph.co.uk/news/local-national/uk/budgets-squeeze-hits-women-harder-29210670.html Women are bearing the brunt of the continued squeeze on household budgets, a consumer group warned. Only one woman in five expects her finances to improve over the next year compared with a quarter of men. The group's quarterly consumer report found that women are more likely to be cutting back on food, household goods and socialising than men, with 38% of women saying they were doing this compared with 31% of men. Almost a third (31%) of women surveyed said that they ran out of money last month, compared with less than one quarter (23%) of men. Women are also more likely than men to have no savings at all to fall back on, at a quarter of women, whereas just one in six men said the same. They are also more downbeat about the economy, with just one in six expecting it to improve in the next 12 months. By contrast, one in three men expect to see the economy lift in the coming months. Which? research shows financial gender divide http://www.which.co.uk/news/2013/04/which-research-shows-financial-gender-divide-317430/?intcmp=HPcarousel1Anewswhichresearchfindsgenderdivideapril21 Women estimate they are spending almost 11 hours per month worrying about their finances compared to nine and a half by men. In these circumstances many women are failing to save. One in four (25%) women said they had no savings at all, whereas only one in six (16%) men said the same. Similarly, men are more likely to have saved the amount recommended by the government to help protect against the impact of sudden expenses or a drop in income (at least three months worth of household expenditure) compared to women – 42% and 27% respectively. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 22, 2013 Author Share Posted April 22, 2013 UK households feel even worse off than last month, survey suggests Markit household finance index slid lower in April, signalling household finances deteriorating faster than in March http://www.guardian.co.uk/business/2013/apr/22/uk-household-feel-worse-off Ahead of official figures on Thursday that will show whether the UK has slipped into a triple-dip recession comes a downbeat report into consumers' finances. British households felt worse off in April as they continued to struggle with rising prices and meagre pay growth, suggests a survey out on Monday from the financial information services company Markit. Bringing a halt to what had been an improving trend so far this year, the Markit household finance index slid lower this month, signalling that household finances were deteriorating faster than in March. The firm said the result largely reflected the combined effect of lower income and higher living costs for households. "Triple dip or no triple dip, there has been little alleviation of the strain on households' financial wellbeing so far this year. Moreover, with incomes failing to keep pace with living costs, household finance constraints are likely to act as a further drag on consumer spending over the months ahead," said Markit's senior economist Tim Moore. Quote Link to comment Share on other sites More sharing options...
SPADER Posted April 23, 2013 Share Posted April 23, 2013 Depends on your timeframe. £1,700 pa should be headline enough. http://www.consumercouncil.org.uk/oil-price-watch/oil-price-archive/14/21st-january-2009/ Cost of 900 litres Jan 2009 £319 Cost today £568 Cost of 900 litres today £499 Cue the "OIL PRICE DROPS 12% IN A MONTH" headlines? Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 23, 2013 Author Share Posted April 23, 2013 Cost of 900 litres today £499 Cue the "OIL PRICE DROPS 12% IN A MONTH" headlines? Anyone get a 60% pay rise in the last 4 yrs? Have to say though it's good to see prices falling - especially after recent harsh weather. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 5, 2013 Author Share Posted May 5, 2013 A 3 yr old (UK) article but perhaps even more relevant today - well worth a read. Posh but poor: the perils of middle-class poverty The recent recession has meant many people used to a comfortable standard of living are having to cope with living on a lot less. http://www.independent.co.uk/money/spend-save/posh-but-poor-the-perils-of-middleclass-poverty-1912177.html A middle-class couple would normally be seen as a success if they had their own large, detached home, two cars in the driveway, nice holidays, a golf course lifestyle and children lined up for private school. But when he handles middle class divorces, the family solicitor Andrew Newbury of Pannone finds that a growing number of such couples have borrowed their way to apparent prosperity. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 5, 2013 Author Share Posted May 5, 2013 Which? poll says many 'borrowing money for food' http://www.bbc.co.uk/news/uk-22417334 One in five UK households borrowed money or used savings to cover food costs in April, a Which? survey says. It suggests the equivalent of five million households used credit cards, overdrafts or savings to buy food. The consumer group runs a monthly insight tracker survey focused on spending and behaviour - 2,000 people took part in its poll. Which? executive director Richard Lloyd described the findings as "simply shocking". The figures come despite official statistics last week showing that personal insolvencies have dropped to their lowest levels in five years. Of the households covered by the Which? survey, 43% were headed by people between 30 and 50, and just under half had incomes under £21,000. The research found that 55% of those using credit to do weekly shopping planned to cut back on food in the coming months, with almost a third saying they had to borrow from friends or family in order to make ends meet. The study also found that one quarter of people said that they were living comfortably on their incomes and that more than one third - 36% - felt their finances were under pressure. 'Breaking point' Almost one third - 31% - of those surveyed cut back spending on essentials last month, and they were most likely to be women aged between 30 and 49. Mr Lloyd said: "Our tracker shows that many households are stretched to their financial breaking point, with rising food prices one of the top worries for squeezed consumers. "It's simply shocking that so many people need to use savings or credit to pay for essentials like food." A spokesman for Oxfam said that millions of people were under pressure from a combination of rising prices and stagnant incomes - with their problems added to by cuts to services and safety nets. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 14, 2013 Author Share Posted May 14, 2013 Households worse off than in 2005 http://www.telegraph.co.uk/news/uknews/10057560/Households-worse-off-than-in-2005.html In a study of countries’ fortunes, the ONS estimated per capita wealth using a new measure, net national income per head, which it said provided the most accurate picture of economic status. On the NNI measure, average UK income per head was £19.344 in 2011. That was lower than the figure recorded for 2005, the ONS calculated. The UK’s ranking for household spending per head is “higher and much more stable than for household income per head”, the ONS said. That reflects the fact that people in Britain are much less inclined to save money, and more inclined to borrow, than their counterparts elsewhere, the ONS said. For example between 2005 and 2011, French households saved 11.8 per cent of their income, and Germans 10.9 per cent. By contrast, the UK figure was negative, -1.1 per cent, as Britons spent more than they earned. From 2005 to 2008, UK households were actually “living beyond their means, spending not just from their income but also their savings, or borrowing to fund spending”, the ONS said. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 22, 2013 Author Share Posted May 22, 2013 Power NI electricity bills to increase by 18% from July http://www.bbc.co.uk/news/uk-northern-ireland-22616090 It means the average household will pay an extra £90 per year. Small businesses and farmers also face an 18% hike. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 24, 2013 Author Share Posted May 24, 2013 Cost of getting a licence is keeping young off the road http://www.belfasttelegraph.co.uk/lifestyle/motoring/cost-of-getting-a-licence-is-keeping-young-off-the-road-29292864.html It costs young people in Northern Ireland on average £1,000 to obtain a driving licence, prompting fears they are being driven off the road. The revelation comes after it emerged that the number of learner car drivers applying to take a practical test has fallen by 31% in five years. New statistics published by the Driver and Vehicle Agency (DVA) also showed that the figure is down by more than 11% in just one year. DVA said 46,745 learner car drivers applied to take their practical driving test in 2012-13, while 49,968 theory tests were conducted, 6.9% fewer than in the previous year. DVA group director of testing and standards, Pat Delaney, said a sustained fall in driving test applications was linked to how expensive getting a licence and then running a car has become. "Most of those who present themselves for driving tests are younger drivers and the principal factor for the drop in numbers is cost," he said. "There's the ever-rising cost of insurance and the cost of keeping and maintaining a car, as well as pressures associated with the general downturn in the economy." The driving test comes in two parts – a theory test, which costs £30, followed by a practical test, priced at £45.50. Alternatively, DVA also offers a £62.50 weekday evening and weekend practical driving test for anyone who wishes to avail of it. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 27, 2013 Author Share Posted May 27, 2013 (edited) Family spending power at a 12 month low as wage growth sees steepest decline since the start of the 2008 recession http://your.asda.com/press-centre A weak increase in the average UK wage was the primary driver behind this fall, with wage growth falling at the fastest rate since the start of the economic crisis. Average pay rose to just 0.8% over the year to April, less than a third of the rate of essential inflation (2.6%) and the lowest rise on record since the Office of National Statistics began collecting comparable figures in 2001. The squeeze on household incomes has returned in 2013 despite the gradually improving economy.” Edited May 27, 2013 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 30, 2013 Author Share Posted May 30, 2013 More than 500,000 people forced to use food banks: Number has trebled in past 12 months UK http://www.belfasttelegraph.co.uk/news/local-national/uk/more-than-500000-people-forced-to-use-food-banks-number-has-trebled-in-past-12-months-29307277.html Major charities have signalled their alarm over a dramatic rise in Britain's "hidden hungry" – families who are forced to ask for help to feed themselves – because of wage cuts, the squeeze on benefits and the continuing economic downturn. The numbers have trebled in the past year alone and are likely to continue rising rapidly despite Britain's status as one of the world's wealthiest nations, according to a joint report by Oxfam and Church Action on Poverty. They say cuts to welfare payments – including below-inflation rises in benefits, new Jobseeker's Allowance sanctions and reassessment of entitlement to invalidity benefits – are the biggest cause of the surge in demand for food banks in all parts of the country. The charities are also fiercely critical of the numbers of mistakes and delays in benefits payments, which leave claimants without cash through no fault of their own and lead to "food uncertainty" among Britain's poorest families. The hunger crisis has been exacerbated by the falling living standards of many people in employment, who have seen their wages trimmed or their working hours cut. Rising food and fuel prices are also driving families into poverty, the charities add. The cost of basic foodstuffs has leapt by 35 per cent and the cost of heating a home has jumped by 63 per cent in the past five years – a period in which many incomes have risen only marginally or not at all. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted June 3, 2013 Author Share Posted June 3, 2013 There may be trouble ahead........... Pensions saving 'at all-time low' as 'perfect storm' brews http://www.bbc.co.uk/news/business-22746096 The number of people in the UK saving for retirement is at an all-time low, according to a report by pensions and investments company Scottish Widows. It said savers were hit by a "triple-whammy" of a weak economy, later first-time home buyers and an ageing population. One in five Britons are saving nothing at all, while 45% of the 5,200 adults surveyed were not saving enough. But expectations for retirement income have actually increased. The report said that the average level of annual income people would feel comfortable living on at the age of 70 is now £25,200 - up from £24,500 in 2012, despite the ongoing sluggishness of the UK economy. But based on this year's average savings levels, someone retiring at 65 could receive less than half that amount. "We are being hit with a triple-whammy of, firstly, continued economic uncertainty making it difficult to save for the long-term; secondly the age of first-time buyers rising as we face troubles getting on the property ladder and thirdly an ageing population," said Ian Naismith of Scottish Widows. "The issue is whether a nation that aspires to stop working at 62 and have an annual income of £25,200 can accept this change." Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted June 4, 2013 Author Share Posted June 4, 2013 http://www.telegraph.co.uk/finance/personalfinance/10096286/Rich-are-hardest-hit-by-recession.html The better-off are starting to see their financial situation improve, after being hardest hit in the early years of the recession. But a leading economic think tank warned that the squeeze was only just starting to hit those on lower incomes, and worst was yet to come for the poorest households in the UK. In its analysis of how the financial crisis has affected different households, the Institute of Fiscal Studies (IFS) concluded that the pain was largely over for the middle classes, who saw their income, in real terms, fall by up to 8pc between 2009 and 2012. This was because salaries, particularly in the private sector, failed to keep pace with inflation during this period. However, poorer people did not see the same sharp fall in their income over this period, as they are more reliant on benefits and tax credits. But the recent cuts to the welfare budget mean that these households are now seeing a more serious squeeze on their finances, with those on the very lowest incomes facing further reductions in 2015/16. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted June 6, 2013 Author Share Posted June 6, 2013 First time buyers more reliant than ever on mum and dad Almost two thirds of first time buyers had to rely on parental support to get on the housing ladder last year, according to research by the Council for Mortgage Lenders. http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10102038/First-time-buyers-more-reliant-than-ever-on-mum-and-dad.html At 64pc, the proportion of buyers tapping the “bank of mum and dad” was almost double the 30pc to 40pc level before the credit crunch struck in 2007. A quarter of “second steppers” were also in need of assistance, the CML said. The figures illustrate the difficulty young buyers are having to get on the property ladder in the face of demands for large deposits, compared with the easy money that was available in the boom. The CML added that parents were reaching the limits of what they could do to help, potentially blocking an even larger proportion of younger buyers from owning a home. “We estimate that last year only 36pc of first-time buyers got on to the housing ladder under their own steam. This contrasts with well over 60pc before the credit crunch, when deposit requirements were more modest,” the CML said. It added that “this problem of insufficient savings for a deposit is by no means limited just to first-time buyers”, as 26pc of existing home-owners also claimed “they were likely to need help from family or friends”, the survey found. “This provides clear evidence that second steppers and others also face challenging affordability hurdles,” the CML said. The findings followed official figures showing that 4.7m retired householders own outright properties worth £770bn, an average of £164,000 each. However, they are struggling to release funds for children. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted June 11, 2013 Author Share Posted June 11, 2013 Pay has shrunk by 10% in parts of UK, TUC study finds - NI 5% http://www.bbc.co.uk/news/uk-22851978 The North West saw the sharpest cut in its overall pay packet between 2007 and 2012 - a fall of 10.6% or £7bn last year. The West Midlands and Scotland saw cuts of 9.7%, Wales saw a reduction of 8.1%, Northern Ireland 4.8% and London 3.9%, the smallest cut. General secretary Frances O'Grady said: "Over the last five years, people have taken a massive hit in their pay packets, while millions more have had to reduce their hours or take lower paid work. Many people have lost their jobs altogether." She said that shrinking wages were hitting living standards, holding back businesses and damaging growth prospects. "While economic growth is the key challenge facing the UK today, the years running up to the crash taught us that growth without wage gains just creates more unsustainable debt," she said. "Employers and both local and central governments need to recognise the importance of decent wages in delivering sustainable economic growth. They can start by becoming living wage employers and being more transparent about their pay systems." 'Tough climate' But Neil Carberry, director for employment and skills at the Confederation of British Industry, said: "Pay restraint, though tough for many, has been crucial in protecting jobs and keeping people in work in the toughest economic climate for decades. Quote Link to comment Share on other sites More sharing options...
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