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Chancellor promises £470 saving per year on household bills

01 Dec 2015

The Government has launched a new package of market reforms intended to lower household expenses, such as water, energy, internet and insurance bills.

The new plan, entitled the Better Deal, aims to generate increased competition and open new markets for UK businesses. Chancellor George Osborne and business secretary Sajid Javid believe that bills will be reduced for both firms and individuals as a result.

The measures will permit customers to swap providers in a range of different markets, including energy, banking and communications, and allow them to avoid hidden fees.

Other money-saving proposals put forward by the Chancellor include encouraging competition between water suppliers, abolishing the locking of mobile phone handsets by phone suppliers when contracts expire, and promoting clearer pricing strategies for dental treatment and broadband costs.

Additionally, the Treasury also aims to reduce red tape in order to make it easier for accountancy and IT firms in England and Wales to offer legal services such as probate, litigation and conveyancing.

Mr Osborne stated: ‘Driving competition will improve choice for people and ensure they get a better deal. And cutting red tape will help businesses grow and thrive’.