Britons 'losing out' by not switching suppliers

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Britons 'losing out' by not switching suppliers

Thu 23rd Nov 2006

By failing to shop around for the best energy deals, people in the UK are wasting a cumulative total of around £1 billion, independent financial comparison adviser The Motley Fool has claimed.

The figure of £1 billion is squandered by approximately 11 million households in the UK and The Motley Fool's research discovered that just under half (46 per cent) of households had never gone to another energy provider.

Allied to this, the benefits of switching providers were highlighted due to the findings that five per cent of households had managed to save £300 as a result of swapping.

David Kuo, head of personal finance at The Motley Fool, stated: "There are savings to be made if you have never switched energy providers. Typically, someone who has never switched may save around £100."

"Interestingly, the UK energy market is one of the most competitive. But for competition to work consumers need to force the issue and make providers fight for their business. And switching providers today is just a mouse click away," he added.

Ofgem, the energy industry regulator, has claimed that around ten million gas customers in the UK had swapped their supplier since this became allowed in 1998.

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