Cutting your costs, fighting your corner
For immediate release 1st December 2016
On the news that British Gas will freeze the price of its standard tariff over the winter, Martin Lewis, founder of MoneySavingExpert.com said: “British Gas says by freezing its price over the winter for its standard customers, it will give them peace of mind. Let me be plain, nobody should be given peace of mind by that.
“If you are on British Gas’ standard tariff, like all big six standard tariffs, you are already massively overpaying. For someone on typical use, you’re paying £1,040 a year. If you’re willing to change company, the savings are getting on to £180 a year at typical usage, and much more for many customers who have bigger bills. And those tariffs are 1 year fixed, so they’re cheaper and you’re locked in with a guarantee of no hikes for far longer.
“The reason British Gas and SSE feel the need to promise a price freeze is because the huge increase in wholesale prices and the weakness of the pound means we’re seeing massive inflation in the energy market. So this is almost certainly just a delay of price rises. Come the end of winter, expect to see hikes of up to 10% by many of the big six companies. Yet the most important message is not ‘don’t act’, it’s ‘act now’, because we’ve already seen the market’s cheapest deals rise by £150 a year for someone on typical usage as cheap deals are pulled, so sooner saves.”
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About MoneySavingExpert.com: MoneySavingExpert.com is dedicated to cutting consumers’ bills and fighting their corner. The free-to-use consumer finance help resource aims to show people how to save money on anything and everything, and campaigns for financial justice. Set up in 2003 for just £100, its free-to-use, ethical stance quickly made it the UK’s biggest independent money website, according to internet ranking site Alexa.com, and the number one ‘Business and Finance – Business Information’ site, according to Hitwise. It has more than 10 million people opted-in to receive the weekly Martin’s Money Tips email, and more than 14 million unique monthly site users who visit more than 23 million times a month. In September 2012, it joined the MoneySupermarket.com Group PLC.
About Martin Lewis: Martin Lewis OBE, Money Saving Expert, is the journalist and consumer campaigner who created MoneySavingExpert.com, the UK’s biggest money website. He’s the UK’s most internet-searched man, Citizens Advice’s Consumer Champion of the Year, and has spearheaded major financial justice campaigns including bank charges reclaiming (over six million template letters downloaded) and PPI reclaiming (over five million) and a successful large-scale campaign to get financial education in schools. He has his own prime-time ITV programme, The Martin Lewis Money Show, as well as regular slots as resident expert on Good Morning Britain, This Morning and Radio 5 Live, among others. He was appointed OBE in the Queen’s Birthday Honours in June 2014.