Eli Lilly calls UK ‘worst country in Europe’ for drug prices; gold nears record high - business live

Spot gold trading just below Monday’s fresh record highConsumer rights champion Martin Lewis is on BBC radio 4’s Today programme right now, and said the planned changes to lower standing charges are “terribly punishing for many older people” .He said the problem is that the changes are not being made as part of the price cap mechanism, which means energy companies can charge what they like overall for bills – whack up energy unit prices.People pay over £300 a year just for the facility of having gas and electricity, it disincentivizes people from cutting their bills. It’s terribly punishing for many older people… Now what this is going to do is this is going to, of course, [lead to] a low standing charge tariff will mean you pay lower standing charges and higher unit rates.The difference between what Ofgem has come out with and what I was asking it to do is it has not done this within the price cap mechanism. And that is a big problem. The problem with not doing it under the price cap mechanism, that regulated default price, is that it means there is no limit to what firms can charge. So they could wipe the standing charge but increase the unit rate far above what is needed to compensate for it. My proposal of doing it within the standing charge means they could only recover the same costs in the unit rate that they were losing in the standing charge.I think they wanted to get it done in January, because they said they would, and it would take too long to do it in the price capThis proposal will make more tariffs available on the market, giving people more options to pay lower standing charges if that suits their needs.How disappointing! There was a chance to see a proper mandated low standing charge option to benefit many, and while I hope I’m wrong, it looks like Ofgem may be about to somewhat smother it with the pillow of bureaucracy.I get more complaints about standing charges than anything else in energy bills. I worry Ofgem has picked an easy route to appease suppliers’ concerns, that doesn’t help the most vulnerable. I suspect if it goes ahead like this, not enough people will switch and they’ll say ‘it wasn’t worth it’. We will robustly be pushing back in response in the consultation. Continue reading...

Comments

Business News

Inflation expected to jump to highest since January last year

Evening Standard

Mirror

Five safe haven investments if the global economy goes into meltdown (and one under the radar fund to buy RIGHT NOW): As more and more experts warn of a devastating fall in share prices...

about 9 hours ago

2025 F1 United States Grand Prix Grid: Who Starts Where In Austin

Forbes

Comments

Similar News

Glen Powell On Creation Of Eli Manning-Influenced Chad Powers TV Series: ‘Mrs. Doubtfire In The World Of College Football’

Novo Nordisk v Eli Lilly: return of the weight-loss wars

Trump Drug Ad Crackdown: FDA Warns Novo Nordisk, Eli Lilly, Hims

Eli Lilly to build $5 billion drug manufacturing plant in Virginia

Business News

Inflation expected to jump to highest since January last year

Inflation expected to jump to highest since January last year

Getting AI To Be A Good Listener And Not Try To Be Your Best Buddy Or Act Like A Mental Health Shrink

The World’s Best Bourbon—According To The 2025 New York World Spirits Competition

China Rare Earth Squeeze Sparks Interest In Australian Nickel Assets

The true cost of claiming on your car insurance - and why fault doesn't always matter

Android fans rush for £20 smartwatch with fitness and health tracking

Government responds after Wetherspoon makes cash change

'I tried Martin Lewis-approved gadget which slips into your bag and heats you up on the go'

Shoppers praise £45 serum for 'stopping saggy neck and wrinkles' on mature skin

This Morning star launches new range of beautiful and snuggly slippers ready for winter

The rise of 'vibe working'

I run coffee shops and bars in Chicago. Tariffs and uncertainty forced me to freeze hiring, cut jobs, and raise prices.

Federal workers are pinching pennies during the shutdown: 'I'd love to come to work, but may not have gas money.'

Thousands of doctors, researchers, and medical students convene in Atlanta to discuss hot topics in infectious disease

Jannik Sinner Earns Record $6 Million Prize With Six Kings Slam Title

Jeremiyah Love Helps Notre Dame Keep College Football Playoff Hopes Alive

Simple boiler adjustment that could save you hundreds on your gas bill this winter

The Body Shop Advent Calendar cuts product prices to just £4.80 each

Martin Lewis names 3p an hour gadget that dries clothes for fraction of tumble dryer price

Molly-Mae uses this residue-free dry shampoo to style her new ‘cool girl’ bob

Betfred says all its shops may close if Reeves hikes gambling tax

Amazon buyers say sunrise alarm clock helps beat dark mornings and 'makes a huge difference'

Taylor Swift fans can currently pick up one of her favourite fragrances for under £45

Homeowners praise interior dehumidifiers that battle mould without using electricity

Primark shoppers 'can't keep eyes off' new £10 handbag in 'colour of season'

All you need to know about major DWP Universal Credit changes

China's ruling Communist Party meets to map out plans for the next 5 years

When Is Faith-Based Film ‘Soul On Fire’ Coming To Streaming?

Travel expert shares genius trick to get 57 days off in 2026 and holiday for less

Four groups of people that can get 25% council tax discount while living with others

Cheat the Week: Reeves admits she’s mulling tax rises and spending cuts

Swimming World Record Holder Ariarne Titmus Retires At Age 25

Brexit impact on UK economy 'negative for foreseeable future', Bank of England chief says

Brits can make one change to home that adds over £100,000 to its value

JEFF PRESTRIDGE: The scary figures that point to a market crash - and the four strategies investors are using to beat it

Five safe haven investments if the global economy goes into meltdown (and one under the radar fund to buy RIGHT NOW): As more and more experts warn of a devastating fall in share prices...

2025 F1 United States Grand Prix Grid: Who Starts Where In Austin

Today’s Wordle #1583 Hints And Answer — Sunday, October 19

NYT Pips Hints, Walkthrough And Solutions — Sunday, October 19

NYT Mini Crossword Clues And Answers — Sunday, October 19

How Fela Kuti’s Grandson Mádé Kuti Is Bringing Afrobeat To A New Era

Who Are The Indian Artists On Ed Sheeran’s New Music?

Gotham FC To Meet Brazil’s Corinthians In FIFA Women’s Champions Cup

Labour promises 'just transition' for oil and gas workers as their jobs dry up

Energy customers in up to £1,700 debt could get extra payment

UK Government unveils plan to ‘train up next generation of clean energy workers’

UK Government unveils plan to ‘train up next generation of clean energy workers’

Corinthians Add Another Copa Libertadores Femenina Title To Their Cabinet

Coast Guard Reportedly Spent $172 Million On Private Jets For Kristi Noem’s Use

NASCAR’s Playoff Push Leaves No Room For Burnout In the Longest Season In Sports

XG Announces Second World Tour After Debut Album Release

Pacers Waive Cam Payne, Make Other Moves To Get Roster Regular Season Ready

Shohei Ohtani Has A Game For The Ages As The Dodgers Win The Pennant

Trump’s DOJ found evidence Dems are skewing crime stats ahead of the midterm elections

I went over the top for my 1-year-old's birthday party. I just wanted to prove that I'm a good mother, but I regret it.

Nothing CEO says his smartphone startup is targeting Gen Z to break into a market dominated by Apple and Samsung

At Least 5 In Racist Young Republicans Group Chat Out Of Jobs Amid GOP Backlash

Harry Kane Guides Bayern Munich To Victory Over Borussia Dortmund

£378 emergency DWP payment for Universal Credit claimants