• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, July 14, 2026
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result
in UK

Starmer Urged to Reconsider Winter Fuel Payment Cuts

Lawrence Ankutseby Lawrence Ankutse
August 23, 2024
Reading Time: 4 mins read
UK's Prime Minister, Keir Starmer

UK's Prime Minister, Keir Starmer

As the energy crisis looms, Sir Keir Starmer faces mounting pressure to reverse his decision to scrap winter fuel payments for 10 million pensioners. 

This comes after Ofgem, the UK’s energy regulator, announced that household energy bills are set to rise by £150 in October, a move that could have devastating consequences for pensioners on low or modest incomes or those in vulnerable health conditions.

The winter ahead is predicted to be one of the most challenging on record for older citizens who once benefited from the winter fuel payment, which was worth up to £300. Analysis shows that without this support, energy bills will reach unprecedented highs for many.

Charities, campaigners, and politicians from both the Conservative and Labour parties are calling on the Prime Minister to rethink this decision. 

ADVERTISEMENT

Beginning this year, only pensioners who receive pension credit or certain other benefits will be eligible for the winter fuel payment. 

This change marks a significant departure from the previous policy, which, since its introduction in 1997, had provided payment to all pensioners regardless of their income level.

Critics Warn Of ‘Cruel Decision’ Impact

Critics argue that making the winter fuel payment means-tested could result in many pensioners, who depend on this crucial support, missing out. 

Former shadow chancellor John McDonnell, who recently faced suspension from the Labour Party for rebelling against the two-child benefit cap, voiced his concerns.

“This large rise in energy bills will put more elderly at risk this winter and warrants a reassessment by the government of its Winter Fuel Allowance proposal. Too many older people will be put in jeopardy.”

John McDonnell
Former shadow chancellor John McDonnell
Former shadow chancellor John McDonnell

Caroline Abrahams, director of Age UK, echoed these concerns. She highlighted that an estimated two million older people will face even greater difficulties in affording their energy bills and staying warm this winter. 

ADVERTISEMENT

Abrahams noted that with the loss of cost-of-living payments received over the last two years, the outlook for many pensioners is bleak. “We simply cannot see how some of them will cope,” she added.

Adding to the chorus of concern, personal finance expert Martin Lewis expressed his reservations stating, “While I agree there’s a very strong argument for getting rid of the universal winter fuel payment, I think the eligibility criteria is far too narrow.”

Simon Francis, coordinator of the End Fuel Poverty Coalition, described the government’s decision as “cruel” and warned that more vulnerable people could suffer from health complications due to cold and damp living conditions. 

ADVERTISEMENT

He cautioned that the estimated £1.5 billion savings from cutting the payments could be offset by the additional strain on the NHS.

Francis’s sentiments were supported by Adam Scorer, chief executive of National Energy Action, who criticized the government for “cutting off support from those who have zero flexibility in their own budget, with no choice other than debt or going cold.”

This policy change is part of a series of cost-cutting measures announced by Labour’s shadow chancellor, Rachel Reeves. 

She identified a £22 billion gap in public finances left by the Conservatives, prompting her to make tough decisions. “Let me be clear: this is not a decision I wanted to make,” Reeves stated, emphasizing the necessity of the move to restore economic stability.

However, not everyone is convinced. Mel Stride, a Tory leadership contender, accused Labour of making a political decision at the expense of pensioners while “handing out inflation-busting pay rises to unions.” 

As such, Stride urged Labour to reconsider the cuts, warning that many older people rely on this vital support to survive the winter.

READ ALSO: NPP Education Policies Shaped by Extensive Stakeholder Consultation

ADVERTISEMENT

Sign Up to Our Newsletter

Fresh updates, Straight to your inbox

Tags: energy crisisOfgemPensionersRachel ReevesWinter Fuel Payment
ShareTweetShareSendSend
Please login to join discussion
Previous Post

Poll Reveals Surprising Trends In Ablekuma Central And Weija Gbawe

Next Post

GAF Refutes Claims of Coup Intentions Amidst Election Tensions

Related Posts

Former British Prime Minister, Sir Tony Blair
UK

Tony Blair Warns Andy Burnham of the Realities of Power

July 14, 2026
UK Prime Minister, Keir Starmer & Home Secretary Shabana Mahmood
UK

UK Outlaws Support for Iran’s IRGC

July 13, 2026
EBOLA 1
UK

UK Begins Human Trials of New Ebola Vaccine

July 13, 2026
London Fire Brigade
UK

Firefighters Battle Massive Walthamstow Blaze

July 13, 2026
ADVERTISEMENT

Sign Up to Our Newsletter

Fresh updates, Straight to your inbox

ADVERTISEMENT

Recent News

Group Photo

EPIC Africa Project Pushes Sustainable Volta Basin Management

July 14, 2026
World Health Organization

WHO Launches Research Agenda on Climate, Migration and Health

July 14, 2026
Seal of United States Central Command.svg

US Strikes Iran Again Amid Hormuz Strait Standoff

July 14, 2026
Basic School Children   in Ghana receiving instructions from their teacher

One in Three Districts in Ghana Faces Severe Teacher Shortages, Report

July 14, 2026
CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance CalBank PLC has delivered an impressive financial performance for the first half of 2026, posting a remarkable 25 percent increase in Profit Before Tax (PBT) to GHS353.6 million. The outstanding results highlight the bank's successful strategic transformation and underline its growing strength as one of Ghana's leading financial institutions. The latest figures show that Profit Before Tax climbed from GHS283.2 million in the corresponding period of 2025 to GHS353.6 million, driven by robust growth across the bank's core business operations. The performance reflects improvements in lending, customer deposits, fee based services, trading income, and overall operational efficiency. Unlike previous periods where earnings were significantly supported by impairment recoveries, CalBank's latest results demonstrate that its profitability is now being powered largely by the strength of its underlying banking business. Core Banking Business Drives Exceptional Earnings One of the biggest highlights of the first half performance was the remarkable growth in net interest income, which surged by 83 percent to GHS347.5 million. The increase came despite a relatively lower interest rate environment. Interest income rose from GHS399 million to GHS451.5 million as the bank continued expanding its earning assets. At the same time, funding costs fell sharply, with interest expenses dropping from GHS209 million to GHS104 million. This significant reduction in funding costs improved the bank's profitability and demonstrated stronger balance sheet management. CalBank also recorded exceptional growth from non interest income sources as it continued diversifying its revenue streams. Net fees, commissions, and trading income almost doubled, rising by 99 percent to GHS323.3 million from GHS162.7 million during the same period last year. The strong performance reflects increased customer activity across the bank's retail, commercial, and corporate banking segments. The diversified earnings profile places CalBank in a stronger position to withstand changing market conditions while maintaining sustainable profitability. Stronger Earnings Quality Boosts Investor Confidence Perhaps the most significant aspect of CalBank's results is the improved quality of its earnings. During the first half of 2025, impairment recoveries contributed approximately GHS154 million to profits. However, in the latest reporting period, impairment gains accounted for only GHS7 million. This means the overwhelming majority of profits were generated through normal banking operations rather than one off recoveries. The shift highlights the success of management's transformation strategy and provides greater confidence that future earnings will remain sustainable. Industry analysts often view recurring operating income as a stronger indicator of long term financial health than exceptional gains. Assets and Deposits Record Strong Expansion CalBank also recorded significant growth in its balance sheet during the period. Total assets expanded by 30 percent to GHS13.9 billion from GHS10.7 billion recorded at the end of June 2025. Customer deposits increased by the same margin, rising to GHS10.9 billion. The growth in deposits reflects increasing customer confidence in the bank's brand, improved service delivery, and expanding retail and commercial banking operations. Higher deposits also provide the bank with a stable funding base to support future lending and business expansion. The figures reinforce CalBank's growing position within Ghana's competitive banking industry. Bad Loans Decline Dramatically One of the most remarkable achievements during the first half of the year was the dramatic improvement in asset quality. The bank's Non Performing Loan ratio dropped sharply to 10.10 percent from an exceptionally high 51.60 percent recorded at the end of June 2025. The improvement reflects the successful execution of CalBank's balance sheet remediation programme and disciplined credit risk management practices. A healthier loan portfolio reduces future credit losses while creating additional room for prudent loan growth. The significant decline in bad loans also strengthens investor confidence and enhances the bank's overall financial stability. Capital Position Strengthens After Recapitalisation Following its successful recapitalisation in 2025, CalBank has continued strengthening its financial foundation. Its Capital Adequacy Ratio improved dramatically to 18.17 percent from a negative 7.6 percent recorded a year earlier. The turnaround highlights the success of the bank's recapitalisation efforts and demonstrates its renewed financial resilience. Strong liquidity levels further position the bank to support customers, finance new business opportunities, and meet future regulatory requirements with confidence. The improved capital position also creates greater flexibility for expansion while protecting shareholders against unexpected financial shocks. Management Confident of Even Better Results Commenting on the results, Managing Director Carl Selasi Asem described the first half performance as clear evidence that CalBank's transformation strategy is producing sustainable financial outcomes. He said the bank had achieved strong growth across its core businesses while improving funding efficiency, strengthening profitability, enhancing asset quality, reinforcing its capital base, and expanding its balance sheet. Mr. Asem stressed that the latest earnings were driven by the strength of the bank's underlying operations rather than one time recoveries, reinforcing the quality and sustainability of the results. Looking ahead, he expressed confidence that the momentum built during the first half would enable CalBank to deliver an even stronger performance during the remainder of 2026. Management says the bank remains committed to disciplined execution of its strategic priorities, strengthening customer relationships, maintaining prudent risk management, and creating sustainable long term value for shareholders. CalBank's Transformation Continues to Deliver CalBank's latest financial performance paints the picture of a bank that has successfully rebuilt its foundations and is entering a new phase of sustainable growth. With rising profits, stronger capital, expanding customer deposits, healthier assets, and significantly lower bad loans, the bank appears well positioned to compete aggressively within Ghana's banking sector. As economic conditions continue to improve, CalBank's focus on operational excellence and disciplined execution could make 2026 one of the strongest years in the institution's recent history. READ ALSO: GSE Opens Week with Explosive Trading Activity CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance

CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance

July 14, 2026
ADVERTISEMENT
Next Post
Ghana Armed Forces (GAF)

GAF Refutes Claims of Coup Intentions Amidst Election Tensions

The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.