Santander UK Contacts 146,000 Customers Facing High Energy Costs

The Santander UK contacted approximately 146,000 customers identified as vulnerable to rising energy costs following the July increase to the Ofgem energy price cap. The bank identified these individuals as those likely spending more than 10% of their monthly income on energy payments, citing global market disruptions and the war in Iran as primary drivers of the cost increases.

To support these customers, Santander UK deployed a team of 400 financial and customer care specialists to provide budgeting advice and arrears management. The bank delivered these warnings via email and mobile app notifications, urging customers to seek assistance before their financial situations deteriorate.

These actions coincide with national efforts to reduce cost-of-living pressures, including a VAT cut on electricity bills expected to save the average household about £45 annually. Despite this government measure, forecasts suggest the energy price cap will rise by 2% in October, increasing from £1,862 to £1,906 per year due to continued instability in the Middle East.