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Bank charges: 'Reduce consumption' to offset utility bill hikes

People who are worried about experiencing bank charges because of the hike in energy prices should reduce consumption.

Peter Smith, campaigns and policy manager for National Energy Action, told Mickey Clarke, presenter at the BBC Wake Up to Money podcast, that there is little people can do to prevent the price hikes.

He said: "The only thing that householders can do at the end of the day is reduce that volatility through looking at the volume that they consume and that means looking at energy efficiency as a long-term solution to try and mitigate these problems."

Mr Smith added that the UK is exposed to international price hikes for gas and commodities and that this "feeds through" into consumer bills.

He also noted there are millions of households that are "really struggling" with energy bills and that Ofgem has undertaken a review to ensure consumers are getting a good deal in the UK energy market.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.


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