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What Harris and Trump Get Wrong About the Border

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What Harris and Trump Get Wrong About the Border

Mexico, remarkably, is a word that is barely being mentioned in the lead up to the U.S. presidential election. It is not being discussed much on the campaign trail, even though the southern border and immigration are central protagonists in the contest. It takes two sides to have a border, but U.S. political discourse these days treats the 2,000-mile-border with Mexico as if it were the wardrobe leading to Narnia, or the edge of the known world represented by dragons on maps from antiquity. Pet-eating dragons, in Donald Trump’s narrative. Who knows, really, what we’re bordering.

Our southern neighbor and top trading partner was mentioned once in passing in the Sept. 10 presidential debate, and only in the context of auto manufacturing and trade policy. There was no mention of outgoing President Andrés Manuel López Obrador; the years of wrangling with his administration over various aspects of immigration policy; Mexico’s current democratic backsliding or the imminent arrival of President-elect Claudia Sheinbaum; the looming joint review of the USMCA trade agreement that must occur by 2026, the high-profile frictions around combating cartel drug lords. Nada specific.

It’s not surprising that talk about the border and immigration no longer borders anything resembling the real world. From the very day Donald Trump announced his first presidential run in June 2015, he has ruthlessly demonized immigrants as mystical, treacherous scapegoats for all our ills. And regardless of how much Trump’s insidious talk of Haitian immigrants in Ohio eating pets gets mocked, or how he fares at the ballot box in November, the sad truth is that he has succeeded in shifting the center of gravity on immigration in our politics.

All sides seem to accept the dangerous Trumpian worldview. Vice President Kamala Harris rightly condemns Trump’s more racist pronouncements and exaggerations, but neither she nor Democratic candidates in tight congressional races appear eager (judging by the commercials I am being bombarded with in my battleground state of Arizona) to push back on his movement’s premise that we are being invaded. Instead, they engage in arguments about who’s to blame for too many people coming, and who’s tough enough to handle the supposed crisis. I don’t see much of an appetite to point out that immigrants commit crimes at lower rates than native-born Americans, that we need more legal pathways to attract the workforce we rely on, or that countless economists point out that immigration remains a huge competitive advantage for the U.S. at a time of low unemployment and an aging population.

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And I certainly don’t see political leaders refuting Trump’s doomsday proclamations by reminding voters that, whatever today’s frictions in the relationship, in the grand scheme of things the U.S. is very fortunate to border Canada and Mexico.

Indeed, sharing North America with these two friendly neighbors that don’t harbor ill will has provided the U.S. a luxury that no other continental power has enjoyed in modern history. Much like the island-based British Empire in its heyday, the U.S. has been free to project force around the world without having to worry about its own borders. It’s no wonder generations of national security and foreign policy elites in Washington are often more conversant in Russian, East Asian, and Middle Eastern affairs and geography than anything having to do with Canada or Mexico.

Harris has rightly accused Trump of preferring to exploit the idea of a border crisis to addressing it. But Trump hardly started this country’s venerable tradition of treating our most important trading partner with complacent, benign neglect. Because Mexico hasn’t posed a pressing threat to the U.S. for over a century, it could languish off the priority list of policymaking and most Americans. 

My home of Phoenix is one of the most vibrant metropolises of what I like to call MexUs, the glorious swath of the U.S. that was once part of Mexico, which spans from northern California to the Texas Gulf shores. If MexUs were its own country, it would be home to more than 85 million people and the third largest economy in the world.

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I often point this out in speaking about the relationship (even to groups of military officials), not to make a huge deal of the fact that so much land changed hands as the result of a war that both Abraham Lincoln and Ulysses S. Grant decried as immoral, but to suggest we should be more appreciative of the fact that it isn’t a huge deal in the relationship. Elsewhere in the world, you can find flashpoints of ongoing tension and hostility between neighbors in many places where far less impressive slivers of land than California or Texas changed hands. 

The U.S. has a long track record of dealing decisively and effectively with existential threats. If the border did pose the national security crisis Trump and his MAGA allies suggest it does, we wouldn’t be relying on a federal law enforcement agency with fewer deployed officers than the NYPD to address it. Nor would we continue to muddle through with our lackadaisical and incoherent set of immigration policies that can be summed up as conflicting signs posted along the border, one reading “Do Not Trespass;” the other “Help Wanted: Inquire Within.”

Yet this approach isn’t a cost-free indulgence. With all the nonsensical talk of invading migrants and the border crisis, legitimate challenges and frictions aren’t being addressed. It is an affront to the rule of law to rely on a workforce of millions of undocumented migrant workers forced to live in the shadows because we haven’t provided adequate legal pathways for immigration. And you don’t have to be an anti-immigrant zealot to agree that in the absence of such realistic legal channels for immigration, the asylum-seeking process has been abused and that border infrastructure and public services in some communities when the number of arrivals spike are overwhelmed. But these are solvable problems if we were in a problem-solving mood.

As for our relationship with Mexico, in a more rational policymaking universe we would engage with its government to develop a regional, North American migration policy that reflected our interdependence. After all, in 2023 more than half the migrants seeking to cross our southern border came from countries beyond Mexico, and the occasional overwhelming spikes in arrivals tend to be driven by events in Venezuela or Central America. North America would do well to have a coordinated approach to immigration for the entire region, in the same way the European Union does. We would also try to align our energy policies and work toward shoring up the rule of law and democracy. The U.S.-Mexico relationship should be a considerable asset for both countries, but politics undermines its potential.

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This is also true of America’s own relationship with its immigrant population, not to mention our heritage as a nation of immigrants. Immigration is a blessing the U.S. needs to nurture and manage, but our shared politicized narratives on the subject are veering so dangerously off course that a serious contender for the presidency can pass off talk of deporting millions of hardworking immigrants as a sensible proposal. If we continue down this road, we may end up with a truly existential crisis, not just one made up to fire up a political campaign.

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Chinese stocks surge 8.5% in best day since 2008

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Chinese equities posted their best day since the 2008 global financial crisis on Monday, extending a historic rally triggered by Beijing’s bumper stimulus package.

China’s blue-chip CSI 300 index of Shanghai- and Shenzhen-listed companies soared 8.5 per cent on Monday, as investors piled in ahead of a public holiday for the rest of the week for Golden Week celebrations.

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The move continued a rally that started last week when first the People’s Bank of China, followed by the politburo led by President Xi Jinping, pledged widespread monetary and fiscal stimulus measures to support flagging economic growth.

The rally marks a stark turnaround for the Chinese market, which has suffered big falls over the past three and a half years as foreign investors flee in the face of concerns about a slowing economy and a slow-burning crisis in real estate.

“We do think this equity market rally could go a bit further,” said Manik Narain, head of emerging markets strategy at UBS. “I would say from here another 5 to 10 per cent rally would not look extreme in our opinion.”

Line chart of CSI 300 index showing Chinese stocks soar

Daily trading volumes were the highest in nine years, according to LSEG data.

The CSI 300 has now risen a cumulative 24 per cent over five sessions since last Tuesday, before the stimulus measures were announced. The package, Beijing’s biggest since the coronavirus pandemic, includes a $100bn central bank war chest for investors and companies to buy shares, while the politburo said in a forceful statement that it would intensify spending.

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In Hong Kong the Hang Seng index closed up 2.4 per cent, led higher by Chinese companies listed in the territory including Alibaba and Tencent. Its year-to-date performance — most of which has come in the past couple of weeks — now stands at 24 per cent, higher than the S&P 500 index’s 20 per cent gain.

The rally was in contrast to the downbeat performance of other big Asian markets on Monday. Japan’s Nikkei 225 tumbled 4.8 per cent in a chaotic session following news that the incoming prime minister, Shigeru Ishiba, is to call a general election for October 27.

Traders said the falls reflected fragile investor confidence about Ishiba, who has previously expressed his support for bigger taxes on companies and investment income.

India’s BSE Sensex, which has been widely seen as a big beneficiary of nervy equity investors rotating out of China, was down 1.5 per cent. South Korea’s Kospi closed down 2.1 per cent.

The gains in the Chinese market also spurred commodity prices, with iron ore futures that expire in January 2025 and are traded on the Dalian Commodity Exchange up by almost 11 per cent.

However, analysts cautioned that a long-lasting rally in China would not be sustained by monetary policy easing alone, and called for more details on fiscal stimulus.

“The market needs a ‘1-2-3 punch’ [with current monetary easing as the first action], followed up by big fiscal stimulus, and more importantly structural reform to sustain the rally rather than a short-term trade,” said Minyue Liu, investment specialist for Greater China and global emerging market equities at BNP Paribas Asset Management.

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“This China stimulus is likely to stay within Chinese borders,” said Narain of UBS. “Upon completion of Golden Week maybe we’ll see more details on the stimulus measures — we’re looking for details on measures to support consumption for example . . . which are very scant.”

Additional reporting by Leo Lewis in Tokyo

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Swarovski Binoculars: Enhanced with Swarovision

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Swarovski Binoculars: Enhanced with Swarovision

AX Visio, the world’s first smart binoculars, combining digital intelligence with high-performance sport optics delivers razor-sharp images with excellent colour fidelity, thanks to the Swarovision technology

Continue reading Swarovski Binoculars: Enhanced with Swarovision at Business Traveller.

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Start-up advice firms ‘driving market innovation’

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Start-up advice firms 'driving market innovation'

A new generation of start-up advice firms is leading the post-private-equity-backed consolidation market with innovation and best practice, according to Platforum.

The consultancy said these start-up advice firms are “reshaping the market” once dominated by PE firms.

Private equity has played a big role in driving M&A activity in recent years with several firms acquired. And over half of advisers are now working at firms with more than 50 advisers.

The pace of PE consolidation has slowed in the past year due to higher interest rates and increased regulatory scrutiny.

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However, Platforum said consolidation has also led to the rise of start-up advice firms, as many have been formed by breakaway advisers from acquired firms.

And there are others led by entrepreneurially minded advisers ready to branch off on their own.

A recent Platforum survey of 264 advisers found that over a quarter (26%) of advisers are working in firms that are less than 10 years old, half of those founded since 2020.

It said these newer firms tend to follow similar business models, particularly those that started during the pandemic.

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They are more likely to use technology to boost efficiency and data analysis, have more academic qualifications with many attaining chartered status, outsource their investment propositions instead of managing them in-house and adopt evidence-based investment strategies.

The barriers to entry are minimal for financial advisers who start their own businesses, especially for those who have existing clients.

Starting costs are often low compared to other industries because of network turn-key solutions, manageable capital requirements, minimal start-up overheads, outsourcing options and favourable cash flow.

Platforum analyst Mariam Pourshoushtari said: “The recent wave of PE-backed consolidation has undeniably reshaped the UK advice market.

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“However, less attention has been given to the new generation of dynamic, lean, tech-driven firms emerging in its wake. These businesses are also transforming the market, often leading in innovation and best practices.”

Starting firms from scratch can be a daunting enterprise for newly qualified advisers.

It often requires a few years to attract enough clients to become profitable and it takes time to gain the experience and soft skills required for long-term business sustainability, according to Platforum.

However, many commentators say that despite the increasing regulatory demands, newer firms are set up with these rules in mind from day one, helping them avoid the expensive restructuring that older firms often have to navigate.

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Boy, 8, killed after being shot in head & face ‘while hunting rabbits’ is named as cops issue plea for witnesses

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Boy, 8, killed after being shot in head & face 'while hunting rabbits' is named as cops issue plea for witnesses

AN EIGHT-year-old boy who was fatally shot in the head and face has been named by police.

Jay Cartmel died after sustaining serious head injuries after the horror unfolded on a hillside close to Wheatsheaf Farm, near Warcop, in Cumbria.

Police at the scene where an eight-year-old boy was shot in the head and face

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Police at the scene where an eight-year-old boy was shot in the head and faceCredit: PA
A man in his 60s, who was later bailed, was arrested on suspicion of gross negligence manslaughter

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A man in his 60s, who was later bailed, was arrested on suspicion of gross negligence manslaughterCredit: PA

Officers are continuing to investigate Jay’s death and have issued a plea for witnesses to come forward.

Police arrested a man in his 60s nearby on suspicion of gross negligence manslaughter – who was later bailed.

Cumbria Constabulary said a firearm was secured by officers at the scene.

The Sun understands the pair were on the land rabbiting.

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A source told us: “They had permission to be on the land. There’s been an agreement in place for years for them to rabbit there.”

One of the local tenants who uses the pasture said they believed that those involved could be members of the traveller community.

They said: “We just rent that land… There’s the gypsy fair on Brough Hill, so apparently it’s some of them. That’s the rumour going around.”

Another person added that they didn’t know the boy but believed he was from outside of the local area.

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They added: “I actually don’t know him. I don’t think he’s from our area. I think it was someone from out of the area, from what I can gather.”

The famous Appleby Horse Fair, which attracts around 10,000 travellers each year, is based around six miles from the site of the tragedy.

Another farmer who works on the land also said the child’s family is “deeply upset”.

“It was a tragic accident,” he told The Sun.

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“I feel so sorry for the family, our thoughts are with them. It’s deeply upsetting.”

It’s understood that a farm near to the field where the shooting took place does not have any livestock – and instead rents out its lands for sheep grazing.

However, an MoD firing range is adjacent to the land where the schoolboy was injured.

An MoD spokesperson confirmed it is not involved.

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‘MOST AWFUL TRAGEDY’

Local Frank Chalmers, 73, said he saw five police cars and an air ambulance at the scene at around 3pm as he drove past to his home in nearby Brough.

He told The Sun: “I was just passing by in the car when I saw the police and an air ambulance.

“It is the most awful tragedy for the family and the community.”

Another witness said: “We saw two CSI people in white suits in the field, that was after 4pm.”

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Someone else reported: “The CSI track seemed to be going uphill and bearing to the left through the hedge, with stick markers.”

A third shared: “Serious incident near Warcop at or before 3pm with crime scene investigators and the medical rescue helicopter and at least five police vehicles, one in the field.”

A Cumbria Police spokesperson said: “Police are investigating following the death of an eight-year-old boy.

“Emergency services were called at around 2.50pm yesterday (28 Sept) to a farm in the Warcop area following a report that a child had been seriously injured by a firearm at the property.

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“Police and NWAS attended.

“The firearm was secured at the scene by police and an eight-year-old boy was taken to hospital by air ambulance having suffered serious and life-threatening injuries to his head and face.

“Sadly, the boy has died overnight.

“Officers arrested a man in his 60s at the scene on suspicion of assault GBH.

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“He remains in police custody but is now under arrest on suspicion of gross negligence manslaughter.”

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CME expands lithium futures battle with LME as battery demand soars

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CME Group has launched contracts that track the price of the raw material for lithium batteries, stepping up its rivalry with the London Metal Exchange for dominance of the global market for battery metals.

The US exchange on Monday said it planned to launch futures on spodumene, the rocks that are mined for the lithium chemicals used in electric vehicle batteries.

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Its move marks a new front as the world’s largest commodities exchanges compete to be the main venue for producers and miners to trade battery metals as new technologies like electric vehicles spur long-term demand.

Until now the lithium futures contracts available — in London, Chicago, Guangzhou and Singapore — have been for processed forms of lithium such as lithium hydroxide and lithium carbonate, which are key ingredients in electric vehicle batteries and for industrial processing. Spodumene is lithium-rich rock dug from the ground, and Australia is the largest producer.

Most lithium processing takes place in China, and prices for downstream chemicals such as lithium hydroxide are often correlated to spodumene rock prices.

“We know for sure that battery metals will be one of the critical minerals of the future, and underlying demand will go up,” said Jin Hennig, global head of metals at CME Group.

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The US group’s move underscores how exchanges are trying to attract more customers, by offering futures that hedge against more stages of the global lithium supply chain.

Prices for lithium chemicals have see-sawed over the past two years, first surging because of electric vehicle demand then crashing because of a glut of lithium production and a slowdown in EV growth.

The CME and the LME launched their first lithium hydroxide contracts only in 2021, with the Singapore Exchange offering their own futures the following year. However the CME has pulled ahead of the LME for contracts such as lithium hydroxide and cobalt.

Key beneficiaries of the new spodumene contract are likely to include producers in Australia, which is the world’s biggest miner of the lithium-containing ore.

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The CME’s cash-settled spodumene futures contract will be launched on Oct 28 if approved by regulators, and is based on an assessment of spodumene delivered into China by Fastmarkets, a commodities data company.

Przemek Koralewski, head of market development at Fastmarkets, said the CME was edging ahead of the LME in terms of securing market share for its battery metals contracts.

Trading on the CME’s lithium hydroxide contract has surged more than 700 per cent, in volume terms, during the first eight months of this year, compared with the same period a year ago.

“The opportunity is huge, that’s why multiple exchanges are competing in this space,” said Koralewski, adding that as the lithium market grows its market structure could become more like oil, where the value of the derivatives traded are many times larger than the sales value of the physical product.

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Industry analysts have drawn potential parallels between the lithium market and the iron ore market, which used to be largely traded on annual fixed price contracts until 2010. As China’s demand for iron ore surged, causing the annual contracts to break down, trading and hedging iron ore with futures has exploded.

At present lithium hydroxide is still primarily a physical market, with derivatives representing just 13 per cent of the physical market for lithium hydroxide, Koralewski noted.

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Millions of energy customers must take meter reading NOW or risk higher bills as price cap rises

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Millions of energy customers must take meter reading NOW or risk higher bills as price cap rises

MILLIONS of households need to take and submit meter readings now to avoid paying too much for their energy.

Bill payers have until tomorrow to get an up-to-date reading before the Ofgem price cap goes up by 10%.

Millions of households need to take an energy meter reading ahead of tomorrow

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Millions of households need to take an energy meter reading ahead of tomorrowCredit: EPA

It will see the average dual-fuel bill paid by a direct debit customer hiked by £149 from £1,568 to £1,717, although you could pay more or less based on your usage.

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It’s important to submit a meter reading around the time the rates change to make sure all your energy usage up until that point is charged at the lower rate.

If you don’t, you will be given an estimated bill which means some of your energy usage after October 1 could be charged at the new higher rate.

If you have a smart meter, you don’t need to take a reading as information is automatically sent to your supplier.

Read more on Energy Bills

However, you should do a quick check to make sure it is working properly and reporting your usage accurately.

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There’s also no need to submit a meter reading if you’re on a fixed energy tariff or have a traditional prepayment meter.

If you do have a non-smart energy meter, the exact deadline for submitting readings differs depending on your supplier.

Some will allow you to backdate the reading from the date it was meant to be submitted.

In some cases, you have an extra two weeks to submit a reading.

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Here are the deadlines suppliers have confirmed to The Sun for submitting meter reads as the energy price cap changes.

How to cut energy costs and get help with FOUR key household bills

It comes after Martin Lewis urged households to go for fixed energy deals to save on their bills as experts at Cornwall Insights predict the price cap will fall by 1% in January.

British Gas customers can submit their meter readings up until October 14.

This can be done through an online account, through the British Gas app, over the phone or through a form on the firm’s website.

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You can call British Gas on 0330 100 0056 Monday to Friday between 9am and 5pm.

EDF customers will be able to back date their meter reads at any time up to and including Wednesday October 9.

Customers will be able to leave meter reads via the EDF App, or online via their MyAccount. Readings can also be submitted via telephone, email or by text and WhatsApp.

Octopus Energy customers have until the end of October 8 to submit their meter readings.

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Meter readings can be submitted through online accounts, a form on the provider’s website, app or email.

Customers can submit their meter readings via the app, online account, phone, Whatsapp or webchat at any time. 

Scottish Power has no deadline for meter readings. Customers can update meter readings as and when they wish to provide them.

If you are on a standard variable or default tariff with Scottish Power, then the energy price cap will automatically apply.

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However, if your prices need to increase as a result, there’s no need to contact them.

Scottish Power said: “We’ll write to you by letter or email to let you know what your new prices will be before the change takes place.”

How to take a meter reading

Taking a meter reading should only take a minute, and once you have noted down the figures you can usually give to your provider by text, online or through an app.

Look up the individual options with your own supplier.

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It’s a good idea to take a quick picture of your meter reading when you submit it – just in case you need it as evidence in any disputes that arise.

Exactly how you take a meter reading depends on the type of meter you have.

Electricity meters

If you have a digital electricity meter, you will just see a row of six numbers – five in black and one in red.

Take down the five numbers in black – you don’t need the red number.

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If you are on an Economy 7 or 10 tariff which gives you cheaper electricity at night – you will have two rows of numbers and need both.

If you have a traditional dial meter you will need to read the first five dials from left to right, again you don’t need the red ones.

If the pointer is between two numbers, write down the lower figure and if it is between nine and zero write down the number nine.

If the dial is directly over a number, write down that number and underline it.

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If you’ve underlined a number, check the next dial to the right.

If the pointer on that dial is between nine and zero, reduce the number you’ve underlined by one.

For example, if you originally wrote down five, change it to four.

Gas meters

If you have a digital metric meter showing five numbers and then a decimal place, you only need to write down the first five numbers from left to right.

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If you have a digital imperial meter, your meter will read four black numbers and two red numbers – note down the four black numbers only.

If you have a dial gas meter, follow the same steps as the dial electricity meter, but you don’t need to follow the process of underlining figures.

How do I calculate my energy bill?

BELOW we reveal how you can calculate your own energy bill.

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To calculate how much you pay for your energy bill, you must find out your unit rate for gas and electricity and the standing charge for each fuel type.

The unit rate will usually be shown on your bill in p/kWh.The standing charge is a daily charge that is paid 365 days of the year – irrespective of whether or not you use any gas or electricity.

You will then need to note down your own annual energy usage from a previous bill.

Once you have these details, you can work out your gas and electricity costs separately.

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Multiply your usage in kWh by the unit rate cost in p/kWh for the corresponding fuel type – this will give you your usage costs.

You’ll then need to multiply each standing charge by 365 and add this figure to the totals for your usage – this will then give you your annual costs.

Divide this figure by 12, and you’ll be able to determine how much you should expect to pay each month from April 1.

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