Money Box
Social Tariffs and Open Banking
Oct 19, 2024
In this engaging discussion, Dan Whitworth, a Money Box reporter, sheds light on the staggering two billion pounds worth of discounts on water bills that low-income individuals are missing out on, with insights from Citizens Advice author Dave Mendes de Costa on the low uptake of social tariffs. David Sturrock addresses potential reforms in pension tax relief that could impact 11 million users of open banking, explained by John Somerville, who highlights its advantages and the concerns surrounding data sharing.
24:33
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Quick takeaways
- Many low-income households are missing out on nearly £2 billion in discounts on water and broadband due to lack of awareness of social tariffs.
- Open banking is rapidly growing, with over 11 million users, yet many remain uninformed about its benefits and security measures.
Deep dives
The Importance of Social Tariffs
Many individuals are missing out on nearly £2 billion in unclaimed discounts on water and broadband bills, primarily due to a lack of awareness about social tariffs designed for low-income households. These tariffs provide significantly reduced rates, but only a small percentage of eligible people are taking advantage of them, with broadband uptake particularly low at just 5%. Real-life examples, such as one man who saved £13 per month on his broadband after losing his job, highlight how these discounts can have a crucial impact on financial stability. This situation raises concerns about a 'postcode lottery,' where assistance varies widely based on location and eligibility rules.
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