Experts have warned that a controversial new cap on energy bills will provide only “pitiful” savings for millions of families. They slammed the limit set on dual fuel tariffs by regulator Ofgem as a “cap trap” which could stop people shopping around for better deals. Eleven million households are in line for bill reductions under the radical reform, saving £75 a year. Yet they could save £300 – four times as much – simply by switching suppliers. MoneySavingExpert founder Martin Lewis said: “The savings are still pitiful compared to the amount people would get if they went to the cheapest providers. “There is a real concern the cap will give a false sense of security that doing nothing is fine.” Alex Neill from Which? added: “People shouldn’t think they’re automatically getting the cheapest deal.” Ofgem has set a limit from December of £1,136 on bills for those paying over the odds on “default” dual fuel rates. But experts fear it will serve only to deter people on rip-off Standard Variable Tariffs from going in search of better value. Richard Neudegg of price comparison site uSwitch.com said: “Ofgem is playing a dangerous game. Customers are being sold a cap trap under… Read full this story
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