Energy prices to drop by less than 10%

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The leading UK energy firms are planning to introduce price cuts of less than ten per cent, according to the Times.

With energy prices increasing by over 40 per cent over the course of this year, the newspaper describes the planned cuts as "modest", adding a number of families across the UK are "likely to be disappointed".

A source from one of the leading six energy firms in the UK told the newspaper: "I don't think anybody is looking at bigger cuts than that. Our retail business is still operating at a loss and will continue to make a loss."

The publication also reports comments from a separate source, which claims the price reductions will "certainly" not be on the same scale as the increases experienced by consumers across the UK.

British Gas has announced that from December 18th it is introducing new reduced prices for its consumers on dual fuel prepayment meters.

The firm claims the rates will save customers around £22 a year.

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