As a Brexit deal has been recently agreed, one thing for citizens to consider is if the UK’s exit from the EU will make our lives easier, or at least, less hard as it is today. For that reason, today we are going to look closer to a first hand issue that affects us all equally: the electric bill. That’s to said whether our household bills will be more expensive or not when the divorce from the EU finally takes place.
Currently, the EU supplies 5% of the UK’s electricity and 12% of gas and thus, upon our exit, we need to assess if there will be increased tariffs on importing gas and electricity across the Channel. Millions of households in UK have already been hit by price hikes and winter fuel increases so any further costs would likely put additional pressure on household budgets.
Jane Lucy, CEO and Founder of The Labrador, a start-up specialised in helping customer to switch to the best tariff available in the market, shared her opinion about the near future of the electric bill in the UK:
“It is undeniable that Brexit has consumed the news agenda for the last two years. The political landscape has been in a consistent state of unrest as we have tried to assess the impact that our exit will have on every industry throughout the UK. However, whilst the focus has been on the affect on large industries, we have somewhat neglected the repercussions that leaving the EU will have on our personal finances. Energy suppliers and regulators need to be forthright to their customers about the impact that Brexit will likley have on energy bills,” she said.
And although supply from the EU is only a small percentage of all electric usage in the UK, what makes it more difficult for the post-Brexit economy will be the market integration within their EU counterparts.
“The EU energy market is one of the most integrated markets across the continent and it is undeniable that the public deserves assurances as to the impact that Brexit will pose. Whilst the end result is still in debate, it is imperative that we start to consider how we can save money on our energy bills. At The Labrador, we use innovative technology to ensure that our customers are always on the cheapest tariffs, saving our customers up to £537 per year,” Jane Lucy concluded with.
The Labrador is a free and automated service that tracks your energy use, through your smart meter, and automatically switches you to the cheapest tariff on the market.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses! Improve your business and use the best digital, financial and funding tools to grow ROI – return on investment and ROA – return on attention!