Why The UK Energy Market Is Such A Turn-Off
Some analysis I did for the Social Market Foundation on energy prices
1. You may have heard a few rumblings about UK energy prices of late
2. Despite this, our energy prices aren’t as bad as some of our European neighbours
3. But years of price rises have taken their toll...UK consumers now distrust energy companies more than car dealers, banks and train operators. Ouch.
4. Politicians are angry too...Labour want to freeze your energy bills for two years
...while the Coalition wants you to switch to a cheaper provider
5. Those who do switch tend to make significant savings
6. The old switcheroo...consumers do appear to be increasingly on the look out for the best energy deals...
...and there are more and more ways of comparing energy prices...
7. But despite the potential savings (and the price increases) switching rates have been in steady decline since the 2008 crash
8. So why are people more likely to get divorced than switch energy providers in their lifetime?
9. Well, sometimes having more information doesn't always help, especially when it comes to complex energy tariffs. Information overload, anyone?
...so we need better information.
10. But even if we get clearer information it's still not going to be plain sailing. On average it can take up to 6 weeks to switch energy provider in the UK
11. The government needs to do more to ensure that people on low incomes (who will gain most from switching) are encouraged to get the best deal
12. Without these changes consumers will be left in the cold... and our energy market will be stuck in a cycle of low trust and low competition
Thanks to Sean O'Brien at the SMF for helping me put this Buzzfeed together and especially for his excellent New Girl gif ideas...