The Big Deal: “It’s an utter disgrace that a third of all households have been exploited by the Big Six for more than 3 years.”
New data from energy regulator Ofgem shows for the first time how many people have been on the Big Six’s worst deals for more than 3 years.
- 8 million people have languished on the Big Six’s standard variable tariff for more than three years.
- That’s roughly one-third of all households in the UK.
- These people will have been overcharged by the Big Six by roughly £1,000.
- The worst offenders are the two biggest Big Six suppliers British Gas and SSE.
- 3 million of British Gas’s customers have been on their worst deal for more than 3 years
- 1.5 million of SSE’s customers have been on their worst deal for more than 3 years
Will Hodson, co-founder of collective switch organisation The Big Deal, said
“Finally we know the truth. It’s an utter disgrace that a third of all households have been exploited by the Big Six for more than 3 years. Paying a £1,000 loyalty tax to the big providers who should be looking after them. They should be ashamed of themselves for allowing people to pay nearly £1,000 over the odds.
“These 8 million are the people who desperately need the price cap in order to end their exploitation by the Big Six. Government must act to protect all consumers from exploitation by big business.”
Ofgem data reveals 8 million people are languishing on the Big Six’s worst tariff
|Supplier||People on the SVT for more than three years||Percentage of total customers with supplier|
Source: Ofgem, 31st August 2017 https://www.ofgem.gov.uk/data-portal/all-charts?search_api_views_fulltext=non-prepayment&=Search
NOTES TO EDITORS
Households have paid nearly £1,000 over the odds
The current cheapest deal on the market is £824 on average. The average of the Big Six’s standard variable tariffs is £1,151. The difference is £327, repeated over three years this means households have overpaid on average by £981.
About The Big Deal
TheBigDeal.com is a consumer collective focused on reducing people’s energy bills. We bring together tens of thousands of consumers and use our collective buying power to create exclusive deals.
Launched in March 2014, we now have over 400,000 members and continue to grow. 62% of our members have never or hardly ever switched before – these are the very people who have been let down by the energy market for too long. Moreover, 60% of our members are over the age of 55 and 30% over the age of 65. We have saved the British public over £15 million since we launched.
TheBigDeal.com is a start-up business and charges a commission to energy companies. Unlike price comparison websites we are 100% transparent and publish the exact amount of our commission. For our most recent switch it was £50 for a dual fuel (both gas and electricity) switch. This compares to £60 to £100 for the main price comparison websites.