British Gas announces 10% cut in prices

British Gas announces 10% cut in prices
British Gas today announced details of a 10% reduction to its standard tariff gas prices from 19 February.

The welcomed move will benefit over 7 and a half million customers, knocking an average of £84 off an annual gas bill.

This is the first time since 2007 that an energy supplier has made such a significant cut, and it is expected that rivals will follow suit.

However, British Gas increased prices last July by a record 35 percent, while other energy suppliers raised prices by more than 20 percent.

British Gas is part of the Centrica group, trading as Scottish Gas in Scotland.

After prices soared in 2008, the six major energy companies were put under pressure to pass on  wholesale gas prices, which is determined by the price of oil, which fell significantly towards the end of last year and into this year, although the average UK household energy bill is £1,293, which is still 42% higher than the this time last year.

Phil Bentley, managing director of British Gas said the firm appreciates that energy prices are a "significant" part of customers' outgoings.

"We are committed to providing the best possible prices for customers. This price cut will go some way to helping customers manage their budgets, and we will continue to do what we can, when we can," he said.

The cut has been welcomed by watchdog Consumer Focus, who said that British Gas had "done the right thing".

However, chief executive Ed Mayo said: "There are millions of dual fuel and electricity only customers that will not see a penny off their bill. We will now turn the heat up on the other five companies that are keeping prices sky high."

"Consumers would not have to rely on occasional grand gestures by energy companies if the market was more transparent and competitive in the link between wholesale and retail prices," he added.

Scottish Power announced in January that it would be relaunching a fixed price gas product with a 10% reduction.

These reductions show that things are getting better. It was feared that energy suppliers would delay the reductions from lowering oil prices until after the winter months had passed.

 
Thursday, 22 January 2009 12:00
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  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

Not only do you get 6 months 0% on purchases, you also get 5% cashback on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 18.5% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.5% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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