‘Loyal energy customers missing out on £4.3bn’

Consumers in the UK are missing out on billions of pounds worth of savings by not switching energy suppliers. New research by Gocompare.com found more than half (54%) have not […]

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By Priyanka Shrestha

Consumers in the UK are missing out on billions of pounds worth of savings by not switching energy suppliers.

New research by Gocompare.com found more than half (54%) have not switched their power providers in the last three years, missing out on potentially £4.3 billion in total. It claims businesses reserve the best deal for new customers.

Claire Peate, Customer Insight Manager at Gocompare.com said: “Those who believe their loyalty will be rewarded are sadly mistaken.

“The only way to be sure of getting the very best deal is to check for yourself by comparing what’s on offer from the competition. Don’t expect your loyalty to be rewarded with lower premiums or prices. If you’re happy to stay and pay, insurers, communication companies and energy providers will be laughing all the way to the bank.”

The research also found a quarter of consumers have never switched suppliers.