6 November 2008
As the economic downturn continues to bite into household budgets, savvy consumers are shopping around to get the best deals on their gas and electricity. According to new research from Legal & General, some 93% of Brits are taking action to reduce their monthly outgoings in a variety of ways. Buying cheaper food and cutting down on takeaways is one way of saving money, as prices in the supermarket have increased markedly over the last year or so. But so too have gas and electricity prices, so switching energy suppliers can also help families cut their basic expenditure, leaving them with more money to spend on luxuries. Indeed, 39% of those questioned by Legal & General said they had shopped around for cheaper energy deals to ease the pressure on their finances. Two in ten households also said they had made energy saving home improvements to help them cut their bills by reducing their energy usage. Figures released this week by the Organisation for Economic Co-operation revealed that gas and electricity prices in the UK have risen almost twice as fast as the European Union average.