UK fuel and household energy spending rises fifth in two weeks: Lloyds Bank

A customer debit card analysis shows that September 24 was the highest amount of fuel spent in a day since Lloyds Banking began recording.

The peak fell the day after BP and Tesco closed several gas stations due to fuel supply problems.

Throughout the UK, gas station spending in the last two weeks has been one-fifth (20%) higher than in the previous two weeks, the bank said.

On September 24, bank debit card users spent 125% more on fuel than on the same day in 2019, the highest since the record began in April 2014.

In East Midlands, fuel consumption showed the largest increase in the last two weeks, up 24% compared to the previous two weeks, followed by West Midlands (23%) and the Southeast (22%).

This was followed by Yorkshire and Hamburg (20 percent). Wales and Scotland showed the lowest growth at 14% and 15%, respectively, followed by London and Southwest at 19%.

But banks said there were signs that fuel demand was easing. Weekly spending across the UK fell by almost one-third (31%) and transactions fell by 20%.

Only three regions, south and east, saw a decline of less than 30%. Londoners’ spending on fuel fell by just 20%, the lowest of any region, followed by southeastern England (21%) and eastern England (25%).

The combination of cold weather and soaring energy prices has hit the UK, increasing the amount of money spent on household energy cards by 24% in the last two weeks.

Bank figures show that energy spending is now 14% higher than in the same two weeks of 2020.

Philip Robinson, director of payments and fraud and financial crime at Lloyds Bank, said: Especially in the north and west of England.

“But household energy consumption continues to rise 13% last week alone due to rising prices and the cold of the moon.

“With this in mind, it’s a very good time to sit down and look back on your personal finances ahead of Christmas 2021.

“Budget effectively and think clearly about what you can do this holiday season.”

By Josie Clarke