UK government to scrap gas bill standing charges as markets brace for cautious budget

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UK government to scrap gas bill standing charges as markets brace for cautious budget — UK axes gas charges

Households in the UK are set to see a change in energy billing as the government moves to remove fixed gas charges amid persistent cost-of-living pressure. The measure comes before the budget statement, with investors looking for fiscal restraint as borrowing costs and energy market risks remain elevated.

Highlights

Chancellor John Healey will abolish standing charges on household gas bills, saving about 60% of households £45 a year per Treasury estimates.
Currently, standing charges total around £108 annually for a typical household, with Ofgem to be instructed to remove the fixed daily fee.
Markets are focusing on fiscal headroom between £15 billion and £20 billion ahead of the budget at 12.30pm GMT, amid heightened UK borrowing costs and global energy pressures.

Energy bill relief plan before budget

As reported by The Guardian, Chancellor John Healey says the government will abolish standing charges on household gas bills and ask regulator Ofgem to remove the fixed daily fee.

Energy Secretary Miatta Fahnbulleh says too many families are weighed down by unfair charges. The Treasury estimates the move could save 60% of account-holding households about £45 a year, while Healey describes gas standing charges as unfair and outdated. The fixed fees currently amount to about £108 a year for a typical household.

The policy is presented as part of a broader effort to address affordability concerns while the cost-of-living crisis continues to affect households. Ministers are positioning the change as direct support for families facing higher essential bills.

Market focus turns to budget stability

Investors in the City remain cautious ahead of the budget, hoping Healey avoids major spending commitments or tax increases. The emphasis on stability comes as UK borrowing costs have risen significantly this year.

The budget is being prepared against a backdrop of global conflicts that are pushing up energy prices and adding pressure to both household finances and public finances. Market discussions are centered on fiscal headroom of between £15 billion and £20 billion, with expectations that a figure below £15 billion could unsettle confidence. The budget statement is scheduled to begin at 12.30pm GMT.

In our earlier coverage of John Healey’s deficit-reduction plans ahead of the October 28 Budget, we explained that the chancellor signaled he would stick to a disciplined fiscal path while still aiming to support growth. The article also noted a modest 0.1% rise in UK GDP for August and highlighted the political and investor pressure building around any potential tax or spending decisions in the run-up to the Budget.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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