The last few days have seen energy costs in UK hitting the headlines with suggestions that the average energy bill could hit £5,000 over the next 10 years. However, we also saw British Gas introduced a 7% price cut which will impact upon 8 million customers immediately. So does it pay to shop around for your energy supplier?

The energy supply market is very difficult to follow because of the various deals available to new customers, old customers and the various bulk package deals. However, as the energy market comes under more and more pressure it is highly likely we will see further reductions in the short to medium term and we should all be aware of the offers available. Whether now is the right time to sign up to a long-term energy arrangement is debatable but over the next few months we should see more promotions and more offers hitting the headlines.

When you consider that energy bills in the UK could, in a worst-case scenario, potentially hit £5,000 a year there are enormous savings to be had. Those who sit back and assume that their current energy supplier is the cheapest in their area may be the ones who are losing out to the tune of hundreds of pounds a year.

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