You are here: Home - Household Bills - News -

Energy bills could hit £1,000 in 2008

0
Written by:
18/12/2007

Consumers could see the average household energy bill pass the £1,000 mark in 2008, Tim Wolfenden, head of home services at uSwtich.com, has predicted.

According to uSwitch, a comparison and switching service, there is mounting speculation that household energy prices will go back up again next year. Business energy broker, Catalyst, has already predicted a 10% – or £91 – increase in early 2008.

Wolfenden believes that, if this is followed by the rest of the industry, consumers could face average bills of more than £1,000. He warned that if one supplier pushes up their prices others will follow suit, so consumers should be prepared for the worst.

He said all eyes were on energy suppliers’ standard plans, the tariffs most households use. “British Gas has already put prices up on its market tracker plan, which tracks wholesale energy prices,” Wolfenden added. “The move is significant, but only in that it supports rumours of a general price increase.

“Households can limit the damage to their budgets by using energy more efficiently and making sure they are on the cheapest energy plan. Online plans are currently, on average, £143 cheaper than suppliers’ standard plans and are likely to remain better value even after prices go up.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Government extends assistance to failed pension scheme members

The Department for Work and Pensions (DWP) has announced an assistance package for up to 140,000 people who lost out...

Close