Energy firm reveals price hike plans

While millions of UK consumers are dealing with debt management problems, one of the country’s biggest energy firms has announced its plans to increase prices.

It is anticipated that the price hikes being introduced later this month by EDF Energy will impact more than two million people around the country and could add to the finance problems of many British households.

According to uSwitch.com, the company has not reduced its prices since 2004, but from January 18th standard tariff EDF electricity and gas customers will see their bills rise by 7.9 per cent and 12.9 per cent respectively.

“This is blatant cashing in on loyalty,” said Ann Robinson, director of consumer policy at uSwitch.com.

“Companies are gambling on the vast majority of customers sticking with them regardless of how much they end up paying for their energy.”

A report from Norwich Union recently suggested that January is the most difficult month of the year for UK consumers in terms of their debt management and personal finances.