Fuel and household energy spending rises a fifth in a fortnight – Lloyds Bank

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Highest amount spent on fuel in a day since September 24 Lloyds Bank Records began, shows an analysis of customers’ debit cards.

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BP and . The peak fell the next day of Tesco Some filling stations were closed due to fuel delivery problems.

The bank said that across the UK, people spent a fifth (20%) more at petrol stations in the past two weeks, compared to two weeks earlier.

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After an initially incredible spike in late September, where fuel spending was the highest we’ve ever seen, card payments at petrol stations have declined over the past week, particularly in the northern and western parts of the UK

On September 24, the bank’s debit card users spent 125% more on fuel compared to the same day in 2019, and the highest amount since records began in April 2014.

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NS East Midlands The last two weeks saw the biggest increase in fuel expenditure, up 24% compared to the previous two weeks, followed by West Midlands (23%) and Southeast (22%).

This was followed by Yorkshire and the Humber and the East Midlands (both 20%). Wales and Scotland saw the lowest growth of 14% and 15%, respectively, followed by London and the South West at 19%.

However, the bank said there are signs that fuel demand is reducing. Week-on-week spending across the UK fell by almost a third (31%), with the number of transactions down 20%.

Only three regions, all south and east, saw declines of less than 30%. Londoners’ spending on fuel fell by only 20%, the lowest of any region, followed by the South East (21%) and the East of England (25%).

The amount spent on the card on household energy also increased by 24% over the past two weeks, as cold weather and rising energy prices gripped the UK.

Spending on energy is now up 14% in 2020 compared to the same two weeks, data from the bank showed.

Philip Robinson, director of payments and fraud and financial crimes at Lloyd’s Bank, said: “Following an initially incredible spike in late September, where spending on fuel was the highest we’ve ever seen, card payments at petrol stations have fallen over the past week. , particularly in the northern and western parts of the UK.

“However, household energy spending continues to rise, 13% in the past week alone, driven by rising prices and colder months.

“With that in mind, now is a great time to sit down and reflect on your personal finances before Christmas 2021.

“Budget effectively and give yourself a clear idea of ​​what you can spend this festive season.”

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