Troubled energy giant British Gas has announced large cuts in the price of it’s energy. From March 12th, customers on standard tariffs will see their gas costs cut by 17%, while electricity bills will be cut by 11%.

The company claims that the move will save the average customer £163, and make them the cheapest UK energy supplier, quite a reversal compared to the last couple of years which has seen a hemorrhaging of customers away to cheaper rivals.

Quite how the rest of the industry responds remains to be seen, although similar moves from other energu companies are almost inevitable given the cut-throat nature of the energy supply market, and this can only be good news for beleagured consumers.

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