British households are receiving ever-increasing energy bills, while at the same time energy companies are making exorbitant profits.
This year energy companies such as BP, Shell and Centrica reported record profits amid the rising cost of oil and gas as UK inflation continues to worsen.
The group promoting the boycott said citizens across the country are joining the campaign because they no longer want or can’t pay energy companies.
Activists believe that the boycott can be compared to the protest that occurred in the late 1980s and 1990s, when more than 17 million people refused to pay a tax popularly known as the poll tax, which helped bring down the government of Margaret Thatcher.
“Millions of people will be forced to choose between heating and eating. One in three households will be forced into energy poverty this winter. That’s more than 8 million households,” activists said on the https website: //dontpay.uk/.
“In just a few weeks, we have managed to get 100,000 people across the country to commit not to pay as of October 1, because we cannot continue to tolerate the aggressive escalation of prices that we have seen from energy companies in the last 12 years, and especially the last two,” “Don’t Pay” campaigner Jake Cable told Sky News television.
Cable stressed that time and time again they have been urged to save, but it has reached a point where people can’t pay and it’s not going to get better until everyone gets together and demands reasonable bills.
According to a Citigroup report published in the Financial Times today, the energy price cap will be raised from £1,971 ($2,322.72) to £4,567 ($5,381.98) in January and £5,816 in April ($6,853.87).
The average bill for January 2023 alone is likely to hit £500 ($589), meaning the cost of heating and electricity for a home will have more than tripled since last winter.
The investment bank also forecast that UK inflation is heading for 18% year-on-year on energy prices.
Inflation rose to a 40-year high of 10.1% in July with food prices at 12.7%.
In turn, UK consumer confidence hit another all-time low, reflecting consumers’ expectation that their finances will worsen in the coming year.
The interest rate paid by the British government to borrow two years increased from 2.0% to 2.5% last week.
Source: Ambito
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