Cheaper electricity boosts family finances

Between 1 July 2019 and 31 December 2019, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £479 or more.

Cheaper electricity, lower transport costs and the current Bank of England base rate have helped boost UK households' finances.

According to Asda's monthly income tracker, the average UK household had £164 a week of discretionary income in May – an increase of 4.8 per cent on the previous month.

The supermarket chain claims that the lower cost of electricity also boosted spending power by £7 per week.

In comparison, energy and fuel prices were climbing at a rapid pace a year ago, and inflation was at a 30-year high.

Asda president and chief executive Andy Bond said: "Spending power is set to rise further in the coming months as inflation continues to fall. That's why it's our job as retailers to try and stimulate customer spending by keeping prices low."

According to BERR, domestic electricity prices in Europe rose by an average of 28.3 per cent between the last quarter of 2007 and the last three months of 2008.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.