Fife councillors told energy and oil prices should fall going into winter

The prediction was presented as context for the council’s latest Treasury Management strategy which was approved by Cabinet Committee members on Thursday. Paul Wilson of LinkGroup, a company which acts as treasury advisers for the local authoirity, said energy and oil prices are falling, which is good news for Fifers going into this winter.

“Prices should be more reasonable going into this winter,” he said. “Steel and timber have fallen off their high. Goods and energy are generally coming back to more reasonable positions compared to last year.”

Despite promising signs from oil and inflation forecasts, Mr Wilson said the council will likely feel the sting of inflationary pressures for the next couple of years.

He anticipates little to no economic growth until 2025, and the numbers from the Consumer Expenditure Survey (CE) predict a slight recession driven by the tight labour market may also be on the way at the end of this year.

“If you look at the forecast going forward, the Bank of England predicts the flatline will see some increase, but there’s nothing in terms of dynamic growth prospects in the next year or so,” Mr Wilson said.

However, energy customers can hopefully expect to see a lower energy bill this winter.