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Tory price cap will be an ‘inertia comfort blanket’ for millions

09 May 2017

Tom Lewis from Gocompare.com Energy, said:

“A price cap is the wrong solution at the wrong time and could result in millions of households paying over and above for their energy. The Tory cap could be an ‘inertia comfort blanket’ for millions, encouraging them to do nothing when the reality is they could get a better deal by switching.

“Telling people that it is fine to stay with the big six on a standard tariff is the worst possible advice. Instead, the message from policymakers should be clear; protect the most vulnerable and promote the switching revolution which has been taking place in the last couple of years.

“Competition and switching in the energy market are on the rise and the message is getting through to millions of households.  We need to maintain that momentum, encourage more households to take control of their energy bills and carry on switching. 

“It is estimated that the Tory manifesto price cap pledge could save customers up to £100 a year on their energy bill, however, customers could save as much as £300 a year by getting online and switching providers. The reality is that a price cap would encourage customers to sit back and stick with their existing provider, rather than actively engage with their finances and sniff out bigger savings elsewhere.”

For more information or to compare energy tariffs, visit Gocompare.com.

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Notes to editors:

*At least 51% of customers who provided their energy usage and received a price for switching energy supplier for both gas and electricity with Gocompare.com saved £305 or more (1st July - 30th September 2016)