A new report from the independent Energy Switch Guarantee  found that a record 5.8 million people – one in five – switched electricity supplier last year. Many more have moved to a better deal with their current supplier.

Around a third of people switched home insurance and just over 30% for broadband. Most people were happy with the switching process. This shows the success of recent efforts to simplify the process, designed to encourage more people to shop around for a deal.

Pamela Taylor, independent chair of the Energy Switch Guarantee said: “Wholesale prices have fallen significantly in the last few months – which means there are now many good deals and potential savings on offer. My advice to consumers is not to rely on the price cap for a fair deal when they can switch supplier for a better one and potentially save hundreds of pounds.”

Will Kostoris, co-founder of Youtility, added: “It’s encouraging that more people are switching energy suppliers but still far too many of us are stuck in the loyalty trap.

“This research is concerning as it shows the majority of consumers have not switched supplier in at least four years meaning many of these people will have been moved by their suppliers onto the standard variable rate – the most expensive tariff. This means they will be paying hundreds of pounds too much. It’s vital that everyone checks their bills for price increases and looks at the market to see if they can move to a better deal.”