Lower energy bills increase UK spending power

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 gas and electricity bills are contributing to an increase in household spending power, according to a report from Asda.

The supermarket found that household spending power is up by £10 a week for October, compared to last year, representing an overall increase of £5,200 for the year.

This is despite the average rise in income only reaching £6 and an increase in the price of transport and food.

It is estimated that gas bills have decreased 5.9 per cent and electricity bills have decreased 8.2 per cent, which has provided a significant contribution to the increase in disposable funds. Over all the report found that the average household has £162 a week of discretionary income.

There have been calls recently from consumer groups for energy suppliers to reduce their costs for their most vulnerable customers and pass profits back on to the consumer.

Winter is the most expensive time for gas and electricity as lights and heating are on for longer. Consumer group Which? recommends comparing energy suppliers to ensure you are getting the cheapest deal for your needs.

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