Electricity supplier switching hits record number

A record number of people switched energy supplier last month, according to a report. 

A study by trade body Energy UK said the amount of people who changed electricity supplier reached new heights for July, jumping 22% compared with last year to 333,653. 

It found that 76,174 customers moved to smaller suppliers over the period, accounting for 23% of all switches. 

It brings the total number of switches for 2016 to more than 2.5 million.

Lawrence Slade, chief executive of Energy UK, said: "It is fantastic to see customers shopping around over the summer months when energy bills are the last thing on the minds of most people.

"More than 40 suppliers are offering some great deals, especially for those who haven't switched for several years and could potentially save hundreds of pounds.

"It is easy, safe and quick to switch supplier and the new Energy Switch Guarantee is designed to increase customer confidence in the process."

The figures come after the Competition and Markets Authority unveiled a package of measures on Wednesday to help banking customers shop around to get a better deal, after finding older and larger banks do not have to compete hard enough for customers' business and newer and smaller banks find it difficult to grow.

As part of the watchdog's plans, banking customers could avoid being stung by overdraft charges by instructing apps to automatically move their money around for them.

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