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02:44So that's all fixed now. Your return rights on most big stores' websites. You can now actually trust them.
02:48So I know you're coming up to energy as well, but I wanted to ask you this before you do your practical questions, because I know it's something you normally wouldn't cover.
02:55But lots of people are asking this. The gas prices are at the levels we saw in 2018, but the energy prices that we pay are three times more, including the standing charge. How do they justify this?
03:05Well, the gas prices are actually a little bit hard in 2018, but nowhere near three times as high. I actually have quite a lot of that in today's show.
03:13There are some things going on that you need to know about that are causing that problem. You might not like it, but you need to understand it. So I will be covering that as we go through this time.
03:21OK. And we've got lovely Roberta here in the audience as well. A little bit nervous to ask the question, so I'm going to ask for her.
03:26Currently on a variable tariff, and you want to know if you should switch, Roberta. Is that right?
03:31Is that right?
03:31Yeah, that's correct.
03:32And it's just a standard variable tariff.
03:34Standard variable.
03:35Yes, yes, yes, yes, yes. You absolutely should. Watch this, my big briefing.
03:42Okie dokie. Look, let me explain. You may be surprised at this headline.
03:45Electricity usage costs up 5.1% in the new January price cap that lasts for three months.
03:51Now, that's because on Friday, if you saw the news, they said it was up 0.2%.
03:55Yeah, that's what you saw. But that is not the full story.
03:59Now, just as a note, remember, it's a cap. It's not a cap on what you pay.
04:03If you use more, you'll pay more. It's a unit rate and standing charges that are caps on most firms' price at or near the cap.
04:08This is the real picture of what's going on.
04:11These are the new average direct debit price cap. It does vary by region.
04:17Electricity costs, the unit rate, the price you pay for each unit, kilowatt hour, going up 5.1%.
04:22The standard charge, the hated daily standing charge, is going up by 2%.
04:26The gas standing charge is going up by 3%.
04:31But the gas unit rate is dropping by 5.7%.
04:37Now, when you hodgepodge that altogether, it gives you an average 0.2% rise.
04:44But that's not the real picture.
04:46I mean, take someone who's got high electricity use and low or no gas.
04:50Well, in reality, they're going to see a rise of 4%.
04:53So while it looks like not much is happening in January, actually, there are significant price changes coming.
05:00Many of you, the majority of you, the huge majority of you, are paying hundreds of pounds more than you need to.
05:07And I want to talk you through that.
05:08I should also note, if you're on prepay, the moves are about the same.
05:11But it's 3% cheaper than standard direct debit on the price cap.
05:14Payment in receipt of bills is about 8% more.
05:16So let's get through.
05:17And Roberta, this is you.
05:18I'm so sorry.
05:19But ladies and gentlemen, I don't call it a price cap.
05:21I call it...
05:22Pants cap!
05:23A pants cap.
05:25Because if you can get off it, which most of you can, you should.
05:28So are you on the price cap?
05:30If you don't know, you probably are.
05:3163% of homes in England, Scotland and Wales are.
05:34Northern Ireland is on a different system.
05:35This doesn't apply to them.
05:37The price cap only applies to firm's bog-standard default domestic tariff.
05:43Now, people get in touch with me and say,
05:45my standing charges are higher than the price cap on my fix.
05:48Yeah, because you're on a fix.
05:49It's not price capped.
05:50It doesn't have to follow the price cap rules.
05:51The price cap is only for these variable tariffs.
05:53So be really plain.
05:55You are capped if you've never switched.
05:57You are capped if you were on a fixed or a special deal and it ended and you did nothing.
06:02Are you the never switched or are you the fixed deal ended?
06:04I've been fixed before.
06:05So this is you here and you didn't fix again.
06:08You're not capped if you're on a fixed or a specialist tariff.
06:12Then the prices are not locked in.
06:14They can charge what they like and it's up to the competitive market.
06:16Now, just to be really plain, if you're not sure, if you recognise one of these names,
06:21these are all price cap names, they tend to be called standard or standard variable or flexible.
06:25Those are the things that go in and you can read them on the screen there.
06:28So if you're price capped, you're probably paying too much.
06:31OK, well, TJ has been in touch.
06:33She's tweeted in saying,
06:34What I don't understand is that Ofgem are again announcing increases in energy bills.
06:39But then Martin says we have tariffs out there 10% lower and more offers next week.
06:43So basically, cheaper energy can be given to people yet Ofgem refused to do it.
06:48So the price cap was introduced to be a backstop tariff for the people who could not engage in the competitive switching market to make sure that those vulnerable people could not be ripped off.
07:01And when it was first introduced, it was a minority of the population.
07:05Then we had the energy crisis.
07:07Firms went bust.
07:08People got nervous.
07:09And suddenly, virtually everybody was on the price cap.
07:12And still, 63% of homes are on the price cap.
07:16It was not meant to be a tariff you were on.
07:19I call it a pants cap, not because implicitly it's wrong, because it's trying to protect, you know, a 90-year-old with onset dementia who would never switch.
07:27But those of you who can switch, Roberta, you should do.
07:31That's what's going on there.
07:31You have to understand the price cap.
07:33You shouldn't be on it.
07:34Ofgem don't want you on it.
07:34The government don't want you on it.
07:35The firms probably do want you on it.
07:37I don't want you on it.
07:38That's the most important thing.
07:40OK.
07:40OK.
07:41Shall I move on?
07:41OK, we're getting into...
07:42This is the big bit now.
07:43This is the graph.
07:45And try and go slowly so you understand, because this is what you need to know.
07:47So.
07:48Yay!
07:49Thank you.
07:52These are the wholesale rates.
07:54These are gas, and the electricity tends to move with gas.
07:57How they have moved since September.
07:59You'll see they were high, and then they've come down relatively.
08:02Now, I should say, before that, we had the energy crisis.
08:05They were nearly five times as high.
08:07If you go back to 2018, 2019, before the energy crisis, well, they were about this sort of level then.
08:12So, they nearly have come down, not the whole way, but back to where they are.
08:16Now, let's look at the price cap.
08:19There we are.
08:20It's gone up.
08:21It's gone up.
08:22It's gone down.
08:23And these are recent ones, and it's gone up 0.2%.
08:26But what I really want to bring out to you is this 0.2% rise is based on the period from the middle of August till the middle of November.
08:38And those are the wholesale rates, the underlying wholesale rates for them.
08:41I'd like you to compare that to the prior three months.
08:45There we go.
08:46Which you say is higher, this one or this one?
08:49The first one?
08:50Yeah.
08:51It was.
08:52Wholesale rates have come down.
08:54But the price cap is going up.
08:57And I've not said that before.
08:58And the answer to why it's going up is because of policy costs, investment in nuclear, debt forgiveness for people who cannot afford to repay their debts, the warm home discount costs because that's been extended to more vulnerable people.
09:14Ultimately, what we have, and whether those are rights or wrongs is a political decision.
09:20But what I find quite bizarre, policy costs are put on your electricity bills because electricity is universal.
09:28The government is trying to encourage more people to use electricity with things like heat pumps and less people to use gas.
09:34But because they put all their policy costs on electricity, electricity prices are going up.
09:40And as the wholesale rate has dropped, gas prices are going down.
09:43So we are in a perverse situation.
09:47The government wants you to use electricity, but its policy moves are putting electricity up and gas prices down.
09:55Let's have a look at what makes up your bill.
09:58Because this is what you were asking me about before, Jeanette.
10:00So let's go through it.
10:01So on the price cap, 40% is the actual underlying gas and electricity used.
10:0722.6% is the cost of infrastructure, moving it around the net and the grid and getting some new renewables on board.
10:1413.4% is policy and government schemes.
10:16These are going up.
10:18Levies and green is 7.3%.
10:20Vulnerable customer support, the warm home discount is 6.1%.
10:2411% is operational costs of the firms that you're going in there.
10:284.8% is VAT.
10:30For those thinking, why isn't it 5%?
10:31It's because of reciprocal 105 divided by don't worry.
10:35Unpaid bills, people not paying their bills, 3%.
10:39Profits, 2.6%.
10:41More or less than you thought?
10:44Profits, 2.6%.
10:45And 1.6% headroom, which is for other things.
10:47And some, if that isn't used, it can sneak into profits.
10:50That's what's making up your bills.
10:52So with that in mind, let's have a look at the prediction for where the price cap is going to go in future.
10:58Here we are.
10:59Up in April.
11:01Now, that up in April is not due to wholesale rates.
11:07That up in April is because it's predicted we're going to pay more for connecting renewables in distant parts of the country.
11:14We're going to pay more because so many people are moving to heat pumps in electric vehicles.
11:17There's more stress on the grid and we need to build capacity on there.
11:21Again, using electricity, even though we bring the gas price down.
11:24So wholesale rates could bring this down if the wholesale rates, the price of gas and electricity, got cheaper.
11:30But we're on a start point that it's going to go up if that doesn't happen.
11:33In fact, they've already come down a bit.
11:34This was 4%.
11:35And the truth is, it is very likely our energy bills, unless there is intervention, are going to keep going up because of the investment that's needed until the mid-2030s over the big picture.
11:46So what am I going to tell you to do about it?
11:48Well, that's where it's going to go.
11:52Where's the cheapest fix on the market?
11:55There.
11:56So look, we're currently here.
12:00This is about typical bill, just under £200 cheaper.
12:03If you use more, it'll be much more cheaper.
12:05But the most important thing about doing this at this time of year, we've just had the announcement of the price cap till March.
12:10We now know what your price, who's not fixed, will be until the end of March.
12:15So that's the high use period.
12:16That's when you're using your gas and electricity.
12:18And we know what you're going to pay now.
12:20And this is the cheapest fix on the market, 11% cheaper.
12:23And it's predicted afterwards it's going up, not down after that.
12:27And then maybe come down a little bit.
12:28So what the huge probability is that a fix now, not only will it give you peace of mind, you know exactly what you're going to pay, which is very important.
12:36Once you fix, the rates are locked in.
12:38They cannot move for a year.
12:39But it will also be an instant saving.
12:42And you'll save over the high use period.
12:44And you will very likely, less guaranteed, but crystal ballgazing, continue to save after that.
12:49Which is why I say the price cap is a...
12:54Pants cap.
12:55I think I proved my point.
12:56Yes, it's a pants cap.
12:57So...
12:58We've got success on this from Miriam, who watched this and saw the graph on a previous show.
13:06And she's saying, I watched your last full show on energy about fixing energy bills.
13:10I want you to say thank you as I saved myself £1,478 from swapping.
13:15Amazing.
13:15Even I think that's an enormous amount.
13:20I suppose she went for an 18-month fix, and that's the saving over the 18 months.
13:25She's probably got £5,000 a year energy bills anyway, and the differential was about 20%, because that's really big.
13:29She saved money.
13:30I'm saying, £2,500 you're doing is more normal, not that type of level, yeah.
13:35But that was really good.
13:35And this as well from Julie, because she's speaking of fixes here, she's asking,
13:38we have been with our provider for a number of years, and if I want to go into a fixed rate, I have to have a smart meter?
13:44Why does that need to happen?
13:45Well, that was very common a year or two ago, that the cheapest fixes all required you to have a smart meter.
13:49Most of them don't anymore.
13:50In fact, I'm about to go on to the cheapest fixes now.
13:53None of these require you to have a smart meter.
13:56So ditch and switch and go to someone else.
13:58But my answer, if you don't want the smart meter, though I like a smart meter.
14:01Okay, fixing gives you peace of mind that the rate won't change.
14:04Although, of course, if you use more, you pay more, and your direct debit would go up.
14:07Cheapest always depends on your region and how much you use.
14:10So these are not locked-in cheapers for you, because it depends.
14:13Use a whole-of-market comparison site, one that defaults to showing you all the tariffs, many of them, almost all of them.
14:21Hide the tariffs that don't pay them.
14:23So if you want to see it, you have to tick a little box that you'll struggle to find, and some of the cheapest tariffs will be missing there.
14:28It's worth noting, by the way, comparison sites these days, you don't even need to know your usage.
14:32They actually know, once they know who you are, you've done it, and they know your usage.
14:36You don't have to put any details in. It's very simple.
14:37So what are the cheapest fixes?
14:39Well, you've got a fight between Eon Next and Outfox at the top, around 10.5% to 11% cheaper.
14:45You've got an Octopus One, which is a 12-month fix.
14:47The Eon Next is a longer fix, so you've got a little bit...
14:50That one actually locks you in until the end of next winter, which is quite useful.
14:53The Octopus One, the reason I'm highlighting that, is unlike the others, which have got early exit fees,
14:58though I don't see you'd need to leave, because prices are unlikely to be coming down,
15:01there's no early exit fees on the Octopus One.
15:03So if you want an absolutely no-risk fix that you could get out if you needed, it's that.
15:07You've got an even longer 18-month fix with Eon Next.
15:10And I put this one at the bottom. It's an EDF fix.
15:13This is the cheapest fix for people who've got smart prepayment meters.
15:17The other fixes are not available to them.
15:19That's the price on smart prepay.
15:21It's actually cheaper if you're on other forms of payment.
15:23If you're on old-school prepay key and card meters, you're going to have to stay on the price cap,
15:28because there aren't any fixes or cheap tariffs available for you that I know of at the moment, I'm afraid.
15:32So that's what's going on. All available for new and existing customers.
15:35None of these for Northern Ireland. Totally different energy system.
15:38Question for you. Comes from another Martin, not yourself.
15:41So it says, my current energy tariff is due to expire mid-December.
15:44Is that the right time to fix it again, or should I just wait until the spring energy cap is set?
15:48I'm going to hold the last bit, because...
15:50OK.
15:50First thing to understand, if you're on a fix, within the last 50 days of your fix, so day 49 towards the fix,
15:57they cannot charge you an early exit penalty. You are free to leave.
16:01So at that point, I would do a comparison.
16:03If the new fix is cheaper than your existing fix, ditch the existing fix and go to the new fix.
16:10If it's the other way round, and your existing fix is the cheaper one, well, I would stick on it until the very last day,
16:16because it's cheaper than the cheapest fix on the market, you may as well stick there.
16:19As for this waiting until the spring energy cap, OK, I get this question so often, let me try and make this plain.
16:25The cost you can fix at has nothing to do with the price cap whatsoever.
16:29It is totally chalk and a duck.
16:31They are not related in any way.
16:33They have nothing in common.
16:35So the price cap is based on a time lag of what has happened in the past.
16:39The rate you can fix at is what's going on in the market today.
16:42So it's almost looking right now and in the future.
16:44So fixes move up and down.
16:46So the fact the spring energy cap has nothing to do with the price of a fix.
16:49That's just about the price of the price cap.
16:51And people always say, would it be better to wait till the price cap...
16:53It's irrelevant.
16:54That's about what the past...
16:56The rate you can fix at depends on the now.
16:58We don't know what's going to happen in the future.
17:00So if you can save by fixing, you don't have an exit penalty fix.
17:03If you can't save by fixing, wait as long as you can on your current fix.
17:07And then don't go on to the price cap.
17:08Go on to the cheapest fix available at the time.
17:10Make sense?
17:11Yes.
17:12OK.
17:14Kerry.
17:15Kerry's also got a question for you here.
17:16Kerry's asking, how do I work out if I should fix my electricity tariff
17:20when I have a cheap EV charging at night rate?
17:23I'm with Octopus.
17:24I feel like I'm on the episode of Mastermind at the moment.
17:26OK.
17:27Right.
17:28So the Octopus and most of the two-tier EV tariffs,
17:32they basically, you pay the price cap rate for electricity during the day
17:35and then you get a super cheap rate, say 9p a kilowatt hour at night.
17:39So really, the question is, how much of your energy do you use
17:44in that cheap period between, say, midnight and 5am in the morning
17:48when you get super cheap rates?
17:49Not just your car.
17:50Have you shifted other uses there?
17:52Shift as much as you can.
17:53Not your tumble dryer.
17:54Fire risk if you put a tumble dryer on overnight while you're sleeping.
17:57If that's over 25% of your energy usage at the very cheap period,
18:00you're probably better on an EV tariff.
18:03If it's not, you're probably better just going for the cheapest fix.
18:06It's a very rough rule of thumb, but hopefully that helps and make sense.
18:09So let's go through to some of those more specialist tariffs now, four of them.
18:13If you're a very low user, the EDF tracker is basically a price cap tariff
18:18but with 50 quid lower standing charges.
18:20It lasts a year.
18:21It's best for those really low usage, under about £1,000 a year of use.
18:25Just before that, wait, wait, wait, one second.
18:26I need a sip of water.
18:27Yes, sorry, right.
18:28So, Phil, actually, just on that, he's asking,
18:30is it best waiting to see if the standing charges come down in the spring?
18:34Standing charges aren't coming down in the spring on the price cap.
18:37What's happening is the spring is the regulator has said
18:39that firms will have to offer a low or no standing charge switchable deal.
18:44I'll be asking Greg if he turns up.
18:46It's still very empty, slightly worried.
18:49About that one.
18:50You may want to wait, but we just don't have a clue
18:54at what rate they're going to offer those
18:55and how much they're going to charge on the others.
18:57So you might want to just go in for this low user option now.
18:59I simply don't have the data to be able to answer that properly, I'm afraid.
19:03OK.
19:03Got an electric car.
19:04We've covered it.
19:05I talked about the two tariff rates, which most of them are.
19:08The alternative is that OVO and Scottish Power,
19:11you can get one of their normal tariffs
19:13and then they give you a cheaper rate just for charging your car
19:16through a special charger,
19:17which may be good if they had a cheap fix
19:20although neither of the two currently offer the cheapest fixes,
19:22but it is worth watching out for.
19:24We'll move on to sophisticated users now.
19:27If that's not you, just move on past this bit.
19:30Rapid price change tariffs can lead to big savings.
19:33These are mainly for existing Octopus customers.
19:36He's not here, so I can tell you this.
19:38What I would do if you want it,
19:39you switch to Octopus's standard variable tariff.
19:42Once that's signed up, the next day,
19:43you switch to one of these
19:45because you're now an existing Octopus customer.
19:47You've got the Agile, which is electricity-only,
19:49prices change every half hour
19:51and you've got the Tracker prices change daily.
19:53Let's have a look at a graph on that, okay?
19:56So here you go.
19:57This is the price cap.
19:59Cheapest fix would be about here.
20:00This is Tracker over the last seven days.
20:02It's not been that cheap.
20:03It can be cheaper if wholesale rates are going down,
20:06but it's generally cheaper.
20:07But this is Agile.
20:09Peak rates between four and eight at night
20:11can be very, very expensive.
20:14But overnight, it can be super cheap.
20:17And there are times you get paid for using electricity.
20:21The cost is negative at the right moment.
20:25So if you are a sophisticated user who can move...
20:28Maybe you've got a battery storage in your house,
20:30who can move your usage away from peak time
20:32and into the other times of the day,
20:34it can be incredibly cheap,
20:35but it isn't for people who don't know what they're doing.
20:38And then I'll finish on my last one.
20:39I think you've had enough.
20:40I think it's got too complicated.
20:42It's my last one.
20:42I promise no more.
20:43And then I'll take some questions.
20:45If you've got solar panels,
20:46many people say,
20:47should I get an all-in-one deal
20:48where I get my solar panels
20:49and I get my energy from the same firm?
20:51Well, you can be paid a lot more
20:52for your solar export guarantee
20:54for generating electricity if you do.
20:57Again, it just depends.
20:59My rough rule of thumb is
21:00over 15% of the energy you use,
21:02you are generating and sending to the grid.
21:04Then linking them together is worth it.
21:07If it's less than that,
21:08if you're not sending that much to the grid,
21:09just go for the cheapest energy deal
21:11that you possibly can.
21:12I'm done with that.
21:12Yeah, brilliant stuff.
21:13Well done, Martin.
21:15Well, coming up,
21:16our energy firms are sitting
21:17on over £3 billion worth
21:19of your direct debit credit.
21:21Martin's going to show you
21:22how to reclaim what's yours.
21:23We'll see you in full.
21:37Welcome back.
21:38We're talking energy bills.
21:39We talked about fixing in the first part.
21:41Roberta, are you going to fix now?
21:43That's good to hear.
21:44I'm glad the explanation worked.
21:46Greg Jackson is here.
21:47He's got off the motorbike.
21:48He's in.
21:49Welcome to Greg from Oxford.
21:52Jeanette, what's going on online?
21:54Yeah, it's really, really busy online.
21:55Lots of people asking about direct debit credits
21:58and getting that credit back.
21:59Coming to that.
21:59We are going to come into that.
22:00But also online,
22:02we're talking about the Chancellor
22:03perhaps reducing VAT on energy bills.
22:05What will change or impact any of that,
22:07do you think?
22:08I don't think that's what's going to happen.
22:09I think the most likely thing she'll do
22:11is she'll take a chunk off energy bills.
22:12I would like to see her reducing money
22:14off the standing charge
22:15because then everybody gets the same amount,
22:16flat rate.
22:17I think it's more likely she'll take
22:19some of the renewable obligation
22:21off the unit rate that you pay for electricity.
22:25So that would mean the people who use more
22:26will save more on the back of it.
22:28Now, the important thing to understand about this
22:30is that should come off everybody's bills
22:32whether you're on a fix,
22:33whatever type of deal you are.
22:34If it only came off the price cap,
22:35it would be absolutely perverse
22:37because it means it would go against
22:38the market competition philosophy
22:40that it wants it work on.
22:41So my suspicion is
22:42we're going to see an announcement
22:43that effectively takes 2 to 3p
22:46off the unit rate
22:46that everybody is paying
22:48for their energy bills.
22:50When that'll come in, I don't know.
22:52But you know what?
22:52I've got the boss of the biggest energy company here.
22:55Greg, would you think the same?
22:56That's my guess.
22:57Yeah, I think it would make a lot of sense.
22:58I mean, the renewable obligation
22:59is a sort of historical research
23:01and development in energy.
23:03It's crazy it stays on our bills
23:04for maybe years to come.
23:06So it would be good to get rid.
23:07OK, so we're both thinking the same thing.
23:09So there's probably a good chance
23:10that'll happen.
23:10Or maybe not.
23:11Direct debit, energy, credit.
23:14Rebecca's got the question.
23:15I think a lot of people are asking.
23:16Our direct debit is £200 a month
23:18and we have £746 in credit.
23:21Should I leave it there
23:22or request I'm back for Christmas?
23:24OK, we're getting into
23:24the sexiest piece of energy now.
23:26The thing that I really enjoy.
23:27There is a sine wave coming, everybody.
23:29There is a sine wave coming.
23:30The answer to your question is,
23:32yes, you in your circumstances
23:33will get some back.
23:34But let me carry on with my big briefing
23:36to explain why.
23:37Here you go.
23:38Monthly direct debit
23:39is designed to spread the cost
23:40so that you don't have huge bills
23:42in winter when you're using most.
23:43Effectively, you overpay in summer
23:45and you underpay in winter.
23:47So the first thing you do
23:48before you get to that, Rebecca,
23:50is you check that your direct debit
23:51isn't too high.
23:52If you've got a working smart meter,
23:54it's doing it automatically,
23:55sending the meter readings in.
23:56If not, then do a meter reading yourself.
23:59Make sure the company
24:00has factored in your latest meter reading
24:01before you go any further
24:02and that you're not in any debt.
24:04There are online
24:05is my direct debit correct calculators.
24:07And if it's too high,
24:08then you want them
24:08to lower your direct debit.
24:09But where Rebecca's really asking about
24:11is this one.
24:12Are you owed hundreds of pounds of credit?
24:14Energy firms collectively
24:16are sitting on over
24:16three billion pounds of our money.
24:19Some of it they should be.
24:20Some of it they shouldn't be.
24:22And this is the perfect time to check
24:24because of
24:26the energy direct debit cycle.
24:30I wasn't asking you to do that,
24:32but I really enjoyed it.
24:33We'll do that after the show ends.
24:34Right, let me get you onto this.
24:36Here we go.
24:40So this is the energy direct debit cycle.
24:43It does depend on when you started,
24:44but this is to give you an idea.
24:45What happens during the year
24:47is that as you're in those winter months,
24:48you start to get more and more into debt
24:50or you use up your credit.
24:52And then once you start to move into summer
24:53in about May,
24:54it bottoms out
24:55and you start to build up
24:56the amount of credit you've got
24:57until
24:58the middle of November,
25:00i.e.
25:01right now
25:02when you are in
25:04the maximum amount of credit
25:06and you want to be,
25:07you've stored it up
25:08like a squirrel scoring up its nuts
25:10in order to be able to eat them
25:12when you're hibernating in the winter.
25:14So this is that point,
25:15I should say.
25:16I mean, I wanted more graphs.
25:17I wanted one that goes like that
25:18if you start in May
25:19and I wanted one that goes like that,
25:20but they wouldn't let me.
25:21They said,
25:22this will do.
25:22So this,
25:23what my general rule of thumb is,
25:25at this point of the year,
25:26right this point of the year,
25:27why it's the perfect time,
25:28if you're more than two months
25:31of energy direct debit in credit,
25:35then you want to get the excess back.
25:37That's my rule,
25:38more than two months.
25:38So let's do the maths for Rebecca.
25:41Two months is £400.
25:42I'll be asking for £350 back
25:44because she's got £750 in credit
25:46and that's how it moves.
25:46Let's move on to the next graphic.
25:48I think I've covered the rest of that there.
25:50Final quick note for you.
25:52By the way,
25:52you just asked the firm for the excess.
25:54Final quick note.
25:55If you are sitting there going,
25:56I hate direct debit,
25:57you know,
25:57I hate monthly direct debit.
25:58They come in,
25:59they're charging me too much.
25:59I don't like,
26:00I don't trust them.
26:01I don't trust them, Greg.
26:02I don't trust them.
26:03That's the most important point
26:04on this chart.
26:05There you go.
26:06If you say,
26:07I just want to pay when I get a bill,
26:09you pay 8% more,
26:11right?
26:11You don't want that.
26:12If you're really going to do that,
26:13ask for variable direct debit.
26:15That's where
26:15you are billed each month
26:17for what you use
26:18and they take that amount out
26:19by direct debit,
26:21but you're still on the direct debit rate,
26:22so it's 8% cheaper.
26:23So if you're going to get rid
26:24of your monthly direct debit,
26:25shift the variable direct debit,
26:27not payment in receipt of bills,
26:29Greg agrees over there.
26:30Yes?
26:30I checked a bit earlier
26:31when you were talking about this.
26:32I checked,
26:33I'm £290 in credit
26:34and we pay around £220
26:36every month direct debit.
26:37Oh, Jeanette,
26:38that's why I love you.
26:38Bring me a graph back.
26:39Put my graph back.
26:40I mean,
26:40you're like perfect sweet spot
26:42just over one month
26:43in energy direct debit credit,
26:44so you don't need to do anything.
26:46You've got your storage,
26:47you're ready for the winter,
26:48you don't want that money back
26:49because it's going to help you
26:50during the winter months.
26:50That's absolutely perfect.
26:51Perfect stuff.
26:52Right,
26:52Mark has been in touch
26:53and Mark is saying
26:54about this time last year,
26:56of course we do this
26:56because it's a cycle,
26:57yeah,
26:57every year at the same time.
26:58I went to my energy supplier
27:00for a credit refund
27:00and got back £1,002
27:02and got my monthly direct debit
27:04down to £38
27:04instead of £136 too.
27:07Wow.
27:07Thanks.
27:08Magnificent.
27:11So my observation on that
27:13is that monthly direct debit
27:14is too low.
27:15What I suspect happened
27:16is he had a lot more credit.
27:17He got a gram back
27:18and they said,
27:18we won't give you the rest back
27:19but we'll just lower your direct debit
27:21until you catch up
27:22because £38 is too little
27:24for almost everybody
27:26on the direct debit
27:26and it's not that much more
27:27than just a standing charge,
27:28yes.
27:29Brilliant stuff.
27:29I think we can go to break now.
27:32Yeah,
27:32so coming up next,
27:34Martin puts your questions
27:35to the boss
27:36of Britain's biggest energy retailer
27:38who has 24% of the market share
27:40so don't go anywhere.
27:41Welcome back to our show
27:54All About Energy Bills.
27:55I've talked about the importance
27:56of fixing and getting off
27:57the price cap.
27:58We've talked about getting
27:59your energy credit back
28:00if you're too much in credit.
28:01Now we're talking to the boss
28:02of Britain's biggest energy company.
28:03Seems strange to say that.
28:04You're not British Gas.
28:05You've overtaken British Gas.
28:07Greg Jackson, by the way, everybody.
28:09Give him a round of applause.
28:10Hello.
28:13Thank you.
28:14Yeah, I mean,
28:15that's quite a change.
28:17Yeah, I think, look,
28:18energy is more competitive
28:19than it used to be
28:19and I think there's not just us.
28:21There's a whole load of companies
28:22you were showing
28:22on the screen earlier
28:23that either didn't exist,
28:25you know, a decade ago
28:26or that, you know,
28:27are new versions
28:29of old companies.
28:30That's good for customers.
28:31I've got to say,
28:32the rest of the system,
28:33all those fixed costs
28:34you were talking about earlier,
28:35that's a real problem.
28:36Well, yeah,
28:37so I was talking about
28:38how it was perverse
28:38that they're trying to encourage people
28:40to use electricity
28:41but because of the way
28:41they do the policy
28:42and they put all the costs
28:43on electricity bills,
28:44electricity prices are going up
28:45and gas is going down.
28:46It's not going to help people
28:46get heat pumps,
28:47which is what they want, is it?
28:48No, I mean,
28:48I completely agree with you
28:49and I think, look,
28:51those high electricity costs
28:53are because of policy choices.
28:54They've been made over decades
28:55but, you know,
28:57it's time we revisited them
28:58because we've got to get
28:59electricity costs down
28:59not just to get people
29:00to electrify
29:01but because people
29:02can't afford their bills.
29:03Well, look,
29:04I mean,
29:04we shouldn't be doing this
29:05but I'll just have a moment
29:05for myself.
29:06One of the things
29:06I find really difficult
29:07is we put all these costs
29:09onto electricity bills.
29:10Electricity bills are regressive.
29:12Now, really rich people
29:13don't have proportionately
29:14higher energy bills
29:15compared to poor people
29:16so a much better way
29:17to look after people
29:18would be take the costs
29:19off electricity bills
29:20and put them on general taxation
29:21and bring energy bills down
29:22and then it would be
29:23a more progressive system
29:24but I'm not here
29:25to make those type of points
29:25so let me ask you
29:26the first question.
29:27This came from a Martin.
29:28It's not me, I promise.
29:29Why are energy prices
29:31in the UK higher
29:31than practically anywhere
29:32else in the world?
29:33How can you justify
29:35record profits
29:36year on year
29:36when they're in the middle
29:38of a cost of living crisis?
29:39Why should the UK
29:40not impose a windfall tax
29:42on excessive profits?
29:43Yeah, I mean,
29:44first of all,
29:44I should say
29:45as energy retailers
29:46our profits are capped
29:47by the price cap
29:48and so, you know...
29:492.6%
29:50Yeah, and in fact
29:51we don't make that
29:52because of things
29:52like the fixed deals
29:53so on an average
29:54£1,700 bill
29:56we made about
29:57£10 or £11
29:58profit last year
29:58that's not the reason
30:00for high bills
30:00it's all of that
30:02waste in the system
30:03now you talk about
30:04international comparisons
30:05it's worth saying
30:06they're hard to make
30:07because taxes vary
30:08by country
30:08and the way that
30:09they put them on bills
30:10or in general taxation
30:11varies
30:11but the UK
30:13along with Germany
30:13have got the highest
30:14consumer prices
30:15and we've got by far
30:16the highest prices
30:17for businesses
30:18small businesses
30:19as well as big industry
30:20and that's because
30:21countries like us
30:22and Germany
30:23have followed
30:23roughly the same
30:24policies for the last
30:25decade
30:25and we now need
30:27to revisit those
30:27because they're loading
30:28more and more
30:29fixed costs
30:30in fact, Martin
30:30let me tell you
30:31there are so many
30:32fixed costs
30:33in the system now
30:34and planned
30:34that even if
30:35the wholesale price
30:36of electricity
30:37falls to zero
30:38bills probably
30:40wouldn't come down
30:40Wow
30:41but there are people
30:43making excess profits
30:44there are oil and gas
30:45companies out there
30:46who have made
30:46billions
30:47or getting on
30:48for trillions
30:49of pounds
30:49because of the
30:50high energy prices
30:51so you're a retailer
30:53I don't know
30:54if you have
30:54a generation arm
30:55or not
30:55We do
30:56but we don't
30:59actually own
30:59the generation
31:00we manage it
31:01on behalf
31:01of other
31:01They have made
31:03excessive profits
31:04haven't they?
31:05Undoubtedly
31:06the profits
31:07that are being made
31:07are from those
31:08global oil and gas
31:10companies
31:10many of whom
31:11are not British
31:11by the way
31:11because we're
31:12buying our gas
31:12from Qatar
31:13and from the USA
31:14and elsewhere
31:14and particularly
31:16some of the very big
31:18highly subsidised
31:19renewable generators
31:20who are getting paid
31:21at a rate that's
31:22attached to the gas price
31:23when gas was
31:24particularly expensive
31:25they were earning a lot
31:26Now there was a bit
31:27of a windfall tax there
31:28but where we are today
31:30there's a lot of profit
31:32made in that sector
31:32They're set to be
31:34a lot more
31:34and there are two things
31:35that make it worse
31:36The first is
31:37we built loads
31:38of these wind farms
31:39where there's no grid
31:40It's like building
31:41a factory
31:41where there's no roads
31:42but we pay
31:44these wind farms
31:45for the electricity
31:45they can't deliver
31:46and then we're
31:48going to pay a fortune
31:49to build new grids
31:50to connect them
31:51And that's part of
31:52the reason the price
31:52is going up in April
31:53is to connect some
31:54of those to the grid
31:54isn't it?
31:55Yeah and that cost
31:55is going to keep
31:56going up
31:56and look
31:56we also spent
31:57we spent about
31:59£1.3 billion
32:00a year
32:00turning off wind farms
32:02I want to go
32:02do some more
32:03practical stuff
32:03with you now
32:04Kelly commented
32:04we know there's
32:05going to be
32:05enough gem rules
32:06that companies
32:07have to have
32:07low or no
32:08standing charge
32:08tariffs offered
32:09coming in
32:09in the spring
32:10Will Octopus
32:11have a no
32:13standing charge
32:13tariff in 2026
32:15can you tell us?
32:15Yeah I don't know yet
32:16we're working on it
32:17I think these go back
32:18to those fixed cost problems
32:20because the day
32:21that you switch to us
32:22we get charged
32:24or essentially
32:24over the next year
32:24we will get £200
32:25of fixed cost
32:26even if you use
32:27no power
32:28and the question
32:29for energy companies
32:29is you know
32:30obviously if everyone
32:31was costing 200 quid
32:33and not spending anything
32:34you know
32:35companies wouldn't survive
32:36so first of all
32:38we will do what we can
32:39but my worry is
32:40people will have
32:40very high unit rates
32:41to recoup that money
32:42and it will end up
32:43not being good value
32:44for most people
32:44which is why I would
32:46complain it wasn't
32:46within the price cap
32:47because there's no
32:48price regulation
32:48on the unit rates
32:49but that's getting
32:49a bit too complicated
32:50for the audience
32:51I suspect
32:51Dawn
32:52I would like to put
32:53a question to the
32:54person in charge
32:54of Octopus Energy
32:55I sadly lost my husband
32:57almost a year ago
32:57and had to pay
32:58all the bills
32:59I have to pay the bills
33:00but I'm struggling
33:00to pay the energy bill
33:01from your company
33:02as I claim universal credit
33:04and PIP
33:04is there any other way
33:05I can pay the bill
33:06what would you say to Dawn
33:07well first of all
33:08I'm really sorry
33:08about her loss
33:09and I know how hard
33:10it is doing with bills
33:11when spouses die
33:13if Dawn gets in touch
33:14there's a bunch of things
33:16we can do
33:16first of all
33:16we can make sure
33:17she's getting all the support
33:18from a whole bunch
33:19of agencies
33:20we've got ways
33:21of looking that up
33:21for her
33:22so we can help
33:23with more than just
33:23energy bills
33:24on energy
33:25I think this year
33:26we've given 70,000 people
33:27standing charge holidays
33:28makes a big difference
33:30when they're struggling
33:30if they're in debt
33:32we can do
33:33you pay we pay
33:34for every pound they pay
33:35we'll pay a pound
33:36and then there's
33:38you know
33:38we've got
33:39300,000 customers
33:41where we've visited them
33:42to help reduce
33:42energy wastage
33:44so they can save money
33:45so there's a lot of ways
33:46we can help
33:46the main thing is
33:47our company
33:49and others
33:49if you phone them up
33:51there are a lot of ways
33:52they can help
33:52and some of them
33:53if we find
33:55you've got access
33:55to more support
33:56and benefits elsewhere
33:57it's bigger than
33:58your energy bill
33:59I would echo that
34:01always talk to your
34:01energy firm first
34:02if you're struggling
34:03on this one
34:04there are special rules
34:04you can put yourself
34:05on the vulnerable
34:05customer priority
34:06services register
34:07which you have to be
34:07treated in special ways
34:08going quiet
34:09isn't the right way
34:10look there are lots
34:11of these octopus questions
34:13I should say
34:13whichever firm we had
34:14on would probably
34:14have similar ones
34:15Mina
34:15how can energy companies
34:17keep money and refuse
34:18to refund
34:18I have nearly £700
34:20sitting in Octopus's
34:21account
34:22and has asked for
34:23a £200 refund
34:24as I needed to pay
34:25other bills
34:25they are refusing
34:27but have reduced
34:27my direct debit
34:28why is my money
34:29treated as theirs
34:30that doesn't sound
34:31right to me
34:31Greg
34:31why is that happening
34:32no it doesn't
34:32if Mina emails me
34:33greg.jackson
34:34at octopus.energy
34:36I'll have that looked at
34:37and anybody else
34:38in that situation
34:39if they have too much
34:39energy credit
34:40you shouldn't be
34:40reducing the direct debit
34:41you should be giving
34:42them their money
34:42shouldn't you
34:43you are in fact
34:43I think we refund
34:4525,000 customers a week
34:4770% of them
34:48are self-serve online
34:49so there's no one
34:50getting in the way
34:50there are one or two things
34:52you need to make sure
34:53you've got up to date
34:53meter readings
34:54because otherwise
34:54we don't know
34:55the real state
34:56of your account
34:56and the other is
34:57obviously if you've got
34:58a smart meter
34:58that will automatically
34:59be the case
35:00and then the other one
35:01is there are actually
35:02quite a lot of fraud
35:03attempts on refunds
35:04so sometimes there's
35:04a few extra days delay
35:05for fraud checking
35:06but it shouldn't stop it
35:08okay
35:09and you'll look after
35:10that one particular case
35:11but anybody else
35:11should be getting in touch
35:12and you can quote
35:13what he has said
35:13on the programme
35:14rewind it back
35:15watch it on ITVX
35:16quote his words down
35:17and say Greg Jackson
35:17told me this
35:18that will help
35:19the customer service
35:19can I say Martin
35:20there's one other thing
35:21you showed the sine wave
35:22earlier
35:22the curve
35:22for Octopus
35:24every customer
35:24that's on a normal tariff
35:25we do a personalised
35:27version of that
35:28so they can see
35:28the extent to which
35:29they're paying too much
35:30too little
35:31they've got too much
35:32credit or too little credit
35:32it's called the balance
35:34forecaster
35:34it's well worth checking
35:35I can't play favourites
35:37but I love the idea
35:38of a personalised sine curve
35:39anyway
35:40so Jenny
35:41Jenny
35:42I'm going to sub
35:44Jenny's question
35:45because it's complicated
35:45what she's saying
35:46is if we take the pain
35:47of increasing energy bills
35:48now
35:48is there a guarantee
35:49that the money
35:50from the increases
35:50will go to renewable
35:52infrastructure
35:52and bring bills
35:54down in the future
35:55now this is
35:56this is policy
35:56this is government
35:57but you probably know
35:58better than anyone
35:58do you think
35:59the investments
36:00we're making
36:00are going to mean
36:01cheaper bills
36:01and when will
36:02we see cheaper bills
36:03so it's definitely
36:05going into that
36:05infrastructure
36:06renewables
36:07plus the grid
36:08to connect it
36:08the models
36:10suggest that
36:11we'll see
36:12cheaper bills
36:12from maybe
36:132035
36:14possibly a bit earlier
36:15if we're faster building
36:16that's not good enough
36:18that's why we say
36:19that we need to look
36:20now
36:20where can we save money
36:22on those new network bills
36:23so we can cut bills
36:24a lot sooner
36:25we can't wait that long
36:27one thing I would say
36:28Martin earlier
36:28you mentioned
36:29some of that network build
36:30was for things like
36:30electric vehicles
36:31because they put more
36:32strain on the grid
36:32but actually
36:33when you talked about
36:35smart tariff electric vehicles
36:36it reduces the strain
36:37on the grid
36:38and so one thing
36:39we should be doing
36:40is saying
36:40if we can make
36:41electricity cheaper
36:42put more electric cars
36:43on the road
36:44it actually cuts
36:45these infrastructure costs
36:46for everybody
36:46and I think we need
36:48to have a bit more vision
36:49about doing this
36:49faster and cheaper
36:50I have to say
36:51time of use tariffs
36:52and you are transparent
36:53on yours
36:53and publish the algorithm
36:54my great concern
36:55is if everybody's
36:56doing a tariff
36:56that changes every half hour
36:57how do these people
36:59find who their cheapest one is
37:00if it moves every half hour
37:01and so I think
37:02that we should have
37:03rules in place
37:04that say
37:04firms who are going
37:05to do time of use tariffs
37:07they must publish
37:08the underlying algorithm
37:09and the cost base
37:10and guarantee
37:10that that will last
37:11for an amount of time
37:12so that people can help
37:13and do some comparisons
37:14we're getting very complicated
37:16I hope it hasn't
37:17too complicated
37:17for those of you at home
37:18but I think this is
37:19important stuff
37:19Eileen
37:20do you think it's fair
37:21that everyone is having
37:22an extra £6 charge
37:24added to their energy bills
37:25to cover the debt
37:25owed to utility companies
37:27a lot of people go without
37:28rather than going to debt
37:29so why should they pay less
37:30for energy firms
37:31to get more money
37:32you know
37:33this is a really difficult area
37:34because I know
37:35that most people
37:35do want to pay their bills
37:37but I see messages
37:39from customers now
37:39that are saying
37:40I can't afford my bills
37:41why are they going up
37:43to pay for other people's
37:44I think there's a couple of things
37:45first of all
37:46you know
37:47we've got to recognise
37:48that one of the causes
37:49of the debt
37:49is bills are too high
37:51that's why you and I
37:52are both saying
37:53we need policy changes
37:54to bring them down fast
37:56I think the second thing
37:57is that
37:58how energy companies behave
38:00makes a big difference
38:01if companies are transparent
38:03if you've got easy to read bills
38:04so people know where they stand
38:05then much less life
38:06is getting to debt
38:07but the most important thing
38:08is people phone up
38:09we can find a lot of ways
38:10of helping you get out of it
38:12without adding to other people's bills
38:13I'm sorry
38:13I'm going to have to go to a break now
38:14I'll try and get one or two more questions
38:16for you after the break
38:16Greg Jackson from Octopus Energy
38:18thank you very much
38:19thanks Greg
38:20thanks Greg
38:21well coming up next
38:22it's just been announced
38:24that the minimum wage
38:25is set to rise
38:26what are the new rates
38:27plus a £400 bank switch deal
38:29we'll see you after this
38:30Kelly, Vogue, Eddie and Tom
38:38have spent the night
38:39from hell in the jungle nursery
38:41find out how they get on
38:42and see how many stars
38:43Jack can bring home
38:44from the latest trial
38:45Drown the Hatch
38:47join us for all that
38:48when I'm a Celebrity
38:49continues
38:50live from Australia
38:51at nine o'clock tonight
38:53we will see you there
38:55welcome back to the show
39:02social media has been alive tonight
39:04electric if you like
39:05look at this from Daniel
39:06he's saying
39:07I've just switched
39:09whilst sat watching the show
39:10been paying £226 a month
39:12direct debit
39:12for over the last year
39:13on a standard variable
39:15pants cap
39:16just fixed for 12 months
39:17with the same company
39:18for £130 a month
39:20£1,200 saving
39:22over the next year
39:22also £76 in credit
39:24wow
39:24again I suspect
39:27some of that saving
39:28will be their drop
39:29to direct debit
39:30rather than natural
39:30lowering costs
39:31but there will be
39:31a big saving in there
39:32well done
39:32and just this quick question
39:34for you here Martin
39:35from Carol
39:35Carol's asking
39:36my energy company
39:37keeps saying my meter
39:38is out of date
39:38I've had it for 10 years
39:40are they just trying
39:40to make me get a smart meter
39:41no and yes
39:44I'm just waggling this
39:45because I've got some
39:45questions on the computer
39:46so it doesn't go off
39:46look
39:48meters do date
39:50and they do have
39:51a use by date
39:52beyond which
39:52which you can't use
39:54and now the thing
39:54to do is check
39:55do they have
39:55an M.I.D. certification
39:57if they have
39:57an M.I.D. certification
39:58they should not expire
40:00if they don't
40:00they probably do expire
40:02there's a brilliant page
40:03on the Citizens Advice
40:04website
40:04that takes you through
40:05how you know
40:05if your meter expires
40:06or not
40:07that's where I'd
40:07probably send you to
40:08if your meter expires
40:11they have to fit
40:12a new one
40:12almost all firms
40:14these days
40:15only have smart meters
40:16so there's no requirement
40:17for them to fit
40:17a smart meter
40:18but they don't have
40:18any others
40:19if you really hate
40:20a smart meter
40:21and I tend to be
40:22a bit of a fan
40:22you can see what
40:23you know you don't have
40:24to do the readings anymore
40:25it's up to date
40:25and you can see
40:26what you're using
40:26but I know some people
40:27don't like them
40:28then you can ask them
40:29to turn off
40:30the smart functionality
40:31so you get a smart meter
40:32but it only works
40:33as a dumb meter
40:34if you like
40:35so Carol I hope
40:35that answers your question
40:36now I'm going to ask
40:37Greg a question or two
40:39that have just come in
40:40so I don't normally
40:43use computers
40:43I'm stealing your job
40:44Jeanette
40:44Joe got in touch
40:46I would like to know
40:47why energy companies
40:48can have so many
40:49different prices
40:49for the same product
40:50yeah that's a great question
40:52what happens in energy
40:54is every day
40:54the wholesale market
40:56is changing
40:57and it can change
40:57dramatically
40:58you know
40:58if there's news
40:59about an issue
41:00in the Gulf
41:00the price of gas
41:01will go up loads
41:02on a sunny day
41:03the price of electricity
41:04will plummet
41:05and so
41:06every day
41:07we're going to the market
41:08getting the cheapest
41:09energy we can
41:10we'll buy it
41:11a year in advance
41:11for fixers
41:12and then as you said
41:13like three months
41:14afterwards
41:15we set the
41:16price
41:17cap price
41:18I can't bring myself
41:19but the
41:20so it's really based
41:22on those variable costs
41:23and it just depends
41:24on what's going
41:25the day we go to market
41:26so you're buying it in
41:27when somebody gets it
41:28you can price them one
41:28and if it's more expensive
41:29a week later
41:30you'll charge them more
41:30if it's cheaper
41:31you'll charge them less
41:32or something
41:33there is one thing though
41:34which is
41:34we talked about
41:35the more complex tariffs
41:36they don't have to be complex
41:37there are simple ones
41:38for example
41:39some of the two rate tariffs
41:40because there's a general pattern
41:42that electricity in the UK
41:43is expensive
41:43around about tea time
41:44it's super cheap overnight
41:46and it's very cheap
41:47on sunny days
41:49around the middle of the day
41:49and so if you can use
41:51electricity more
41:52at the cheap times
41:52and avoid the expensive
41:54there are other things
41:55you can do
41:55and that makes it more variable
41:57but you'll get a bargain
41:58I just need to be careful
41:59most people
41:59you don't have time of use tariffs
42:01so you'll pay the same all day
42:02but as a society
42:03if you get people off
42:044 to 8pm
42:05then we don't have
42:06enough redundancy
42:07in the system
42:07that would bring
42:08all our prices down
42:09which is why time of use
42:10tariffs comes in
42:10but I have to go
42:11to my news you can use
42:12at this point
42:13you absolutely do
42:13OK totally different subject
42:17just announced at about
42:186 o'clock this evening
42:19new minimum wage rates
42:20from the 1st of April 2026
42:22for those aged 21
42:23the main one is going up
42:2450p an hour
42:25which is up about 4.1%
42:27for those aged 18 to 20
42:28it's going up 85p an hour
42:30which is up about 8.5%
42:31because they're trying
42:32to get that closer
42:32to the one for slightly
42:34older people
42:34for those on apprenticeships
42:36or under 18s
42:38it's going up 45p an hour
42:39up 6%
42:40important to understand
42:41those are not just
42:42if you're paid by the hour
42:43they apply to everyone
42:44however you are paid
42:46so if you were working
42:47full time
42:48you know
42:49and it varies on the number
42:50of hours you're doing
42:51this is roughly equivalent
42:52to £900 a year more
42:53£1,500 a year more
42:55or £850 a year more
42:57but this is the thing
42:59that people don't know
43:00there are many people
43:01on minimum wage
43:02who are actually
43:03being underpaid
43:04because their employers
43:05are not following the rules
43:06370,000 people
43:08in 2024
43:10the last time
43:10we had numbers from
43:11were being underpaid
43:12and this is not small firms
43:13this includes big
43:14household name firms
43:15don't think this is only
43:16small backstreet employers
43:17it isn't
43:18now there are two
43:19big reasons this happens
43:20if you have to buy
43:21your uniform
43:22your tools
43:23your safety equipment
43:23and your clothing
43:24the cost of that
43:26should not take you
43:27below equivalent minimum wage
43:28over your pay period
43:29what does that mean?
43:30so you take the cost
43:31you subtract it
43:32over your pay period
43:33so if you're paid by the month
43:34it's in a month
43:35if you're paid by the week
43:35it's in a week
43:36if that takes you down
43:37below minimum wage
43:38for the hours you've worked
43:39you have been underpaid
43:41you should get that money
43:42you should also be paid
43:43for all your working time
43:45overtime
43:46security checks
43:47handovers
43:47opening up
43:48on call
43:49and you shouldn't get
43:50less than minimum wage
43:51once your full working time
43:52is taken into account
43:53your pay should be
43:54at least equal to minimum wage
43:56for that period
43:56those are the big ones
43:58a few more
43:59tips can't be within
44:00the minimum wage
44:01they have to be on top
44:02if you're on commission
44:03and you don't get enough
44:04for minimum wage
44:04your employers have to top you up
44:06is your apprenticeship real
44:07there's a special
44:08lower minimum wage
44:09apprenticeship rate
44:10they can't have that rate
44:12and not do a proper apprenticeship
44:13so you need structured training
44:14as part of your apprenticeship
44:15if not
44:16you need to be paid
44:17the other minimum wage rate
44:18because you're not really
44:19an apprentice
44:19and big one for 18
44:22and 21 year olds
44:22you should get a pay rise
44:23on your birthday
44:24because you're now
44:24in a different minimum wage bracket
44:26if you're on minimum wage
44:27and on the 1st of April
44:28when it moves
44:29if you think you're underpaid
44:30call ACAS
44:32which is the arbitration service
44:34for free help
44:35you can complain to your employer
44:36many people won't want to do that
44:37or you can complain anonymously
44:39via gov.uk
44:40obviously if you're a single employee
44:42then they'll know it's you
44:43but for most people
44:44that will help
44:45yeah
44:46quickies now
44:47we haven't got time for long
44:48mobile
44:48which network's got the strongest signal
44:50indoors and out where you live
44:51I actually really rate
44:52the map your mobile tool
44:53on ofcom.org.uk
44:55it's detailed
44:56well worth checking
44:57to see where you get the best signal
44:59by the way
44:59if you think it's wrong
44:59then do feedback to them
45:01the more people feedback
45:02the more accurate it gets
45:03and there's a little button below
45:04ending on Thursday
45:05400 quid of free cash
45:06for switching to Barclays
45:07it's Barclays Premier
45:09it's only for people
45:10who earn over 75,000 pounds
45:11it's only for higher earners
45:12you also get Apple TV
45:13but it's worth looking at
45:15biggest cash bonus
45:16we've ever seen
45:16also the standard
45:17free 200 pounds
45:18for everybody else
45:19you've got to join
45:19its Blue Rewards Scheme
45:20to get the 200 quid
45:21but as soon as you're paid
45:23you can get rid of
45:23the Blue Rewards Scheme
45:24that costs 5 pounds a month
45:25and it only normally
45:26lasts a month or so
45:26but there are loads of
45:27other free cash deals
45:28available at the moment
45:28it's a great time
45:29to be switching bank accounts
45:30have a look back
45:31at last week's show
45:32on ITVX
45:32and finally
45:33the unbeatable
45:34help to save scheme
45:35will be extended
45:36to 1.5 million people
45:37we'll learn this
45:38in the budget tomorrow
45:39from 2028
45:40they've told me officially
45:41it's for those people
45:42on Universal Credit
45:43who are also working
45:44you've got a 50% boost
45:45on up to 50 pounds a month
45:47saved over two years
45:48via gov.uk
45:49from 2028
45:51it'll also apply
45:51to those people
45:52who can't work
45:52because they've got
45:53parental or kinship
45:54responsibilities
45:54or they're carers
45:55you've got a quick
45:56case study on that
45:56success haven't you
45:57we do very quickly
45:58single mum
45:59part time job
46:00from Esther here
46:00after you covered it
46:01two years ago
46:02I took your advice
46:03and started to help
46:03to save account
46:04received a 600 pound bonus
46:05I can't thank you enough
46:06really important
46:07look at that
46:07haven't got time for a clap
46:08because most importantly
46:10Thursday night
46:11where am I
46:12Thursday night
46:127.30
46:13it's my budget special
46:15the practical change
46:16is coming in the budget
46:17and Rachel Reeves
46:18is coming on the show
46:19get in touch
46:19with your questions
46:20for me or for her
46:21about the budget
46:21we'll be watching it tomorrow
46:23it's a big day
46:23thank you to everyone here
46:24thank you to Greg
46:247.30 not 8
46:26Thursday night
46:26bye bye
46:27thanks you next
46:27bye bye
46:28well stay with us
46:36here on ITV1
46:37I'm a Celebrity
46:38get me out of here
46:39is on the way next
46:41thank you
46:54you
46:58you
47:00you
47:02you
47:05you
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