Gas and electricity Updated:
Britons are having to change their spending as a result of the economic downturn, research has revealed.According to Norwich Union, 74 per cent of people have seen an increase in utility bills over the last year - a finding that could have contributed to the fact that two-thirds have less disposable income.In addition to higher gas & electricity bills, more than 20 per cent are also spending more on mortgage and rent, while 71 per cent are buying cheaper food in order to make money go further.But with 44 per cent of people now setting a budget, head of investments at the life insurance provider Anthony Rafferty suggested that some good is coming from the situation."It's no surprise that people are feeling the pinch of the recession, yet what is encouraging is that some people are actually developing sound financial habits as a result," he said.Last week, the government welcomed new EU standards for kitchen appliances, stating that they will help lower electricity bills for consumers.
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