On 16 March, Prime Minister Sir Keir Starmer announced a £53m support package targeted at households reliant on heating oil, alongside a stern warning to price-gouging energy companies.
This follows heating oil prices increasing by double for some since the outbreak of the US-Israel war with Iran.
However, for the vast majority of Edinburgh’s student population, this announcement offers little support.
While heating oil is predominantly used in rural areas, Edinburgh students rely almost exclusively on gas or electricity grids.
As such, spiralling energy prices threaten to trigger a new cost of living crisis, just as students enjoyed respite following a lengthy period of high inflation.
The foreboding prospect of hikes to already eye-watering bills is creating a wave of anxiety, particularly given the large numbers of the city’s tenement flats, which are poorly insulated and rely on expensive meters.
One third-year student, who works multiple agency night-shifts per week to stay afloat, told The Student she was “terrified” of new price increases.
“I simply can’t afford it,” she said.
“It’s a really scary prospect – I wish the university would give us some actual advice on how to handle it, or whether there is government support that could help.”
According to research by Cornwall Insight, an energy consultancy, average household bills could climb by £160 — an 11 per cent spike — once the government’s fixed price cap that is currently shielding spikes expires in July.
The wider fallout is expected to bleed into other aspects of student finances too, from rising interest on loans to potentially rising supermarket bills, as well petrol costs for those driving to campus.
Economists have warned of potential food shortages and a global depression if the war continues.
A fourth-year student expressed anger that the uncertainty was “because of an unprovoked war,” arguing that market fallout would “inevitably hit vulnerable students the hardest.”
He said: “Once again, our generation is being screwed over without a bloody reason.”
However, another third-year, took a different perspective, reflecting that it was “psychologically, not something I think about” citing the stability of his flat rate contract.
The energy squeeze comes just weeks after student finance policy dominated the political agenda.
Chancellor Rachel Reeves recently dubbed the current loans system “broken,” while Kemi Badenoch, the Leader of the Opposition, has supported overhauling the “debt trap” Plan 2 system.
However, reforms may be a distant worry compared to the immediate cost of the coming months.
“Things ain’t looking easy,” the fourth-year lamented.
“Prime Minister Keir Starmer holds E3 Call with Macron and Merz (55120761816)” by Number 10 is licensed under CC BY 4.0.