British Gas announces 10% tariff cut
In a move which should bring the average UK gas bill down from £1,328 to £1,240 British Gas has broken ranks with the energy sector and announced the first reduction in prices for some time. While the move will come into effect on 19 February energy experts are suggesting that consumers hold fire at the moment to see exactly how others in the sector respond. There is also a feeling that British Gas pushed their prices higher than many others in the sector during 2008 and the 10% reduction has done nothing more than bring the company back into line.
It is worth remembering that British Gas is the leader in the gas sector in the UK and as such this unexpected move is more than likely to encourage pricing adjustments amongst others. Whether this is the start of a long-term downtrend for gas prices in the UK remains to be seen as fiction between Ukraine and Russia still continues to impact upon UK gas prices.
While the move has come too late to impact upon the winter period the reduction will no doubt be welcomed by many of the low-income customers of British Gas who have seen their bills mushroom over the last 12 months.
Share this..
Related stories
Are first-time buyers deserting the UK property market?
Figures released by the National Association of Estate Agents show there has been a significant reduction in the number of first-time buyers involved in the UK property market over the last six months. Just six months ago, 43% of all registered purchases were on behalf of those looking for their first home while last month this figure fell to just 19%. The figure of 19% matches the record low reac...
Read MoreNorthern Ireland car insurance under investigation
A report by the Consumer Council has confirmed the shocking find that car insurance in Northern Ireland is costing consumers in excess of £136 million a year more than any other area of the UK. On average it is estimated that an extra £300 a year is added to annual cover premiums with more and more of the population now unable to afford insurance.
Surprisingly, the hardest hit are...
Civil servant found guilty of car crash scam
As if we needed another reminder of the various insurance scams active in the UK at the moment, today saw a civil servant jailed for 4 1/2 years for his part in a £1.6 million "cash for crash" scam. Mohammed Patel, who worked at the Department of Work and Pensions, was found guilty of being part of a gang which staged road traffic accidents by breaking quickly and forcing cars behind them to cras...
Read MoreHave we seen the end of large profits for the UK banking sector?
A report commissioned by the UK government has today been released with a suggestion that major UK banking situations should ready themselves for significantly smaller profits in the future. The report was commissioned by Gordon Brown in October 2008 when the banking sector began to show significant signs of strain and eventually collapse. So what exactly does this mean for the UK banking sector a...
Read MoreBoxing Day sales are no more
More and more retailers in the UK are bringing forward their "Boxing Day sales" and in effect offering massive discounts and announcing massive promotions ahead of Christmas day. While it is common knowledge that the UK retail sector has been struggling for some time, each and every retailer in the UK is now trying to squeeze as much money as possible from consumers. We are seeing companies such a...
Read More