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Europe is preparing for winter: how can you keep costs down?

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Britain is facing a surge in cold weather, with icy conditions and fog expected for much of this week

The UK Met Office has issued a Yellow warning, which means there could be damage to buildings as Britons brace for cold conditions.

Like much of Europe, the UK are bracing for very strong winds on Wednesday, causing disruption to travel and some utilities.

Drivers are also urged to take extra care on the roads, with warnings in place for icy stretches forming on UK roads.

But some residents who are seeking to heat their homes are on edge, as power prices remain high.

Peter Smith is the director of policy and advocacy at National Energy Action, who said the rising cost of living is impacting Britons.

“The average annual bill has almost doubled since this time last year.”

The organisation seeks to close the gaps when it comes to energy affordability. It predicts 6.7 million UK households will be in fuel poverty in the coming months.

This means millions of Britons will be unable to afford living in a warm, dry and safe home.

“So far the milder than usual weather has protected many from the spiralling bills as they haven’t needed to heat their homes as high or as long as usual,” Mr Smith said.

How to keep warm without blowing your bill

UK Prime Minister Rishi Sunak has urged people to make their own decisions, as he met with world leaders in tropical Bali last week.

“There are things that we can do—all of us—to improve the efficiency with which we use energy, to be careful about it,” he said.

For example, an efficient heater; taking advantage of the sun, where appropriate; and rearranging furniture are some cost-effective methods to reduce the burden on gas and energy bills.

Pipes at the Nord Stream 1 gas pipeline are pictured in Germany.

In addition, there are some other cheap ways to reduce dependence on gas and electricity bills, as the temperature continue to plunge.

  • close off rooms you’re not using
  • lower the temperature of heating
  • make sure windows are fully closed
  • block cold drafts from under doors using door snakes or carpet.

The UK Government has placed a cap freeze on energy prices.

This means households will pay an average £2,500 on their energy bills. But there is a catch: if households use more, they pay more.

National Energy Action believes an additional 2.2 million homes could be in fuel poverty, when compared to the same time last year.

Why are energy prices so high?

As demand increases, so too does the cost of heating homes.

But there is another factor, which has sent prices rising across Europe: the war in Ukraine.

Russia accounts for 25% of global gas trade, 15% of global thermal coal trade and 10% of global oil trade.

However, countries are struggling to find alternative supplies after sanctioning Moscow for the ongoing conflict.

“Putin’s abhorrent war in Ukraine, and rising energy prices across the world are not a reason to go slow on climate change. They are a reason to act faster.”

RISHI SUNAK, UK PRIME MINISTER

Germany halted the Nord Stream 2 pipeline, which was expected to double the amount of Russian gas shipped to Europe.

In July, Russia cut the amount of gas pumped through Nord Stream 1 to 20 per cent capacity.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Will Australia’s foreign investment rule create an economic boost?

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Australian Treasurer Dr. Jim Chalmers announced an overall of foreign investment rules ahead of the budget.

Australia is set to announce a significant decline in its projected gross debt, signalling a more optimistic outlook for the country’s fiscal health.

The Airport Economist, Professor Tim Harcourt at UTS joins to discuss.

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Research key to investment success

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What is the importance of research in the investing and super landscape in Australia?

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Peter Green, Director of Research at Lonsec Research. #wyld money

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Why “stagflation” will be the greatest financial threat of 2024

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With inflation soaring and economic growth tapering off, concerns about stagflation are on the rise

Stagflation, a situation characterised by high inflation coupled with stagnant economic growth, presents a unique challenge that many are ill-prepared to face.

Mark Wyld from MW Wealth joins to unpack what defines “stagflation”. #featured

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