Families paying ‘over the odds’ for gas and electricity

24/10/2011

A growing number of households are struggling to cope with the latest increases to gas and electricity, which have seen prices rise by an average 17.4 per cent (gas) and 10.8 per cent (electricity).

Scott Byrom, head of energy for Moneysupermarket.com, told the Telegraph last Monday: “It’s good to see the Government tackling the issue of rising energy costs head on by sitting down with the energy providers at today’s summit.

“Any steps towards the industry creating a “trusted, simple and transparent” energy market are welcome of course but bill payers shouldn’t hang their hopes on today’s meeting, and any changes to the market are likely to take time to implement. Our recent research found that 71 per cent of British consumers will need to turn to their savings, credit cards or overdraft to fund rising bills.”

Mr Byrom added, "Bill payers are still reeling from the recent round of price hikes, yet despite the choice available for both gas and electricity, the majority of UK households are staying loyal to their energy provider. More than half of households have never switched, and are therefore paying way over the odds for their gas and electricity."

Tags; Current UK Economy, Housing Debt and Bills, Income Worries and Debt,