DIY retailers experience increased sales ahead of winter fuel payments cut.
- B&Q reports a 20% rise in loft insulation sales.
- Wickes sees high demand for energy-efficient products.
- Government plans to cut winter payments to pensioners.
- Changes may impact millions, leading to energy costs concerns.
DIY retailers are witnessing a significant surge in sales as the government prepares to cut winter fuel payments for millions of pensioners. B&Q, for instance, has reported a nearly 20% increase in loft insulation sales compared to the same period last year. This rise highlights a growing consumer focus on energy efficiency to offset potential increases in energy costs.
Wickes has also experienced heightened demand for heat-saving items that are easy and quick to install, such as energy-efficient lighting and insulation. Consumers appear to be investing in these products as a direct response to anticipated higher energy expenses, expected to cost a typical household £1,717 annually from 1 October, marking a £149 increase per year due to the revised price cap.
Government changes will further impact the financial landscape for pensioners, as winter fuel payments worth up to £300 are set to be cut for ten million individuals, effective November. This reduction is specifically targeted at those not receiving pension credit. Labour has stated that the allowance will only apply to homes with an income of up to £218 per week.
Age UK forecasts that approximately two million retirees may face challenges in adequately heating their homes without the winter fuel payment. Caroline Abrahams, Charity Director at Age UK, has expressed concern over older individuals feeling apprehensive about the upcoming months, with many planning to ration their heating due to these financial changes.
The Department for Work and Pensions reassures that they remain dedicated to supporting pensioners. Over one million of them will still receive the winter fuel payment, while efforts to increase pension credit uptake have resulted in a 152% surge in claims. Additional benefits, like the £150 warm home discount and extended household support funds, are also introduced to alleviate winter energy expenses.
The impending government changes are prompting consumers and pensioners alike to take significant steps to manage looming energy costs.
