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Financial squeeze 'unlikely to improve' - 17/11/2011

A greater number of people may wish to compare energy suppliers to find a cheap gas and electricity deal as the impact of recent rises begins to be felt.

According to Lloyds TSB's latest Spending Power Report, household expenditure on gas and electricity increased by 7.4 per cent in October compared with the previous month.

"Considering October was one of the mildest in recent years, the likelihood is that this figure will continue to rise in the coming months as the weather gets colder and price increases feed into bills and payments," the study noted.

Chief economist at Lloyds TSB Patrick Foley noted the situation is unlikely to improve in the coming months as inflation is set to remain high and recent rises in gas and electricity tariffs will continue to bite.

This may therefore persuade many people to see if they can get a better deal by performing an energy comparison.

Elsewhere, the latest Nationwide Consumer Confidence report has revealed the highest level of pessimism among Britons since the Index began in May 2004, as it recorded its fifth consecutive month of falls in October.

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