Octopus Energy boss has suggested energy suppliers should give extra support to struggling pensioners losing winter fuel payments.
Greg Jackson, who founded Octopus in 2016, said firms should “be helpful” to the new government, as Keir Starmer faces intense anger over the cut.
Chancellor Rachel Reeves announced in the summer millions of pensioners would lose the £300 payment as she attempts to plug a £22billion black hole in the public finances. Instead, only OAPs entitled to pension credit and other benefits will be eligible.
Mr Jackson, who met with the Chancellor in July, said: “We all know there were some people receiving the winter fuel allowance who didn’t need it – that costs everyone else money. But then there’s the grey area of people losing it that need it – that’s where we can help.”
He told PA news: “In these transition periods, it’s easy for people to kick and scream. Alternatively, companies and others can say: ‘How do we make this work in a way that is best for Britain and, in our case, best for our customers?”‘
But Mr Jackson said ministers should keep a “close eye on the impact” of the policy if this winter is colder than usual and be “ready to act” if more support is needed.
Octopus announced last month that it will continue its £30 million assistance fund for pensioners who do not qualify for state support. Customers missing out can claim credits of £50, £100 and £200 from the fund. Octopus, the UK’s largest energy supplier, announced in January a net profit of £203million in the year ending April 2023 as revenue tripled to £13billion.
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Bloomberg via Getty Images)
Over the weekend the government was accused of attempting to hide from the “horrific” impact of the winter fuel payment cut. Figures released by the Department for Work and Pensions on Friday – published in response to a freedom of information request – showed more than 80% of people aged 80 and over will lose out, as will more than 70% of pensioners.
Even among those who should still receive the payments, worth up to £300, an estimated 780,000 will miss out because they have not claimed pension credit.
But speaking to reporters in Washington DC over the weekend, Mr Starmer defended making “unpopular” decisions as he seeks to “rebuild” the country after 14 years of Tory rule. The PM said: “Growing the economy is the number one mission. These are necessary first steps to sort of strip down the joint, rebuild the house.
“And that is painful, that is difficult. That means we’ve got to take decisions that aren’t going to be popular. I know that.” He said the alternative was to “put a lick of paint over the damp and pretend job done”.