Maw Comms news
20 Nov, 17 British Gas scrap SVR and replace it with ‘SBR’
GoCompare comments on the news that British Gas is to scrap its standard variable rate tariff (SVR) by April for new customers
Ben Wilson from GoCompare Energy, comments: “This is a welcome move for British Gas’s five million customers who, like two thirds of all UK households, are paying much too much for their gas and electricity, thanks to being on innocuously named ‘standard variable rate’ (SVR) tariffs.
“But it doesn’t come into effect until April – once the peak energy usage season is over – and it’s important that customers realise that this move will not signal the end of bad deals – in effect, British Gas has just replaced its SVR with an SBR or ‘Slightly Better Rate’.
“SVR tariffs act as holding pens where the energy companies keep their most profitable customers, so it’ll be interesting to see what happens to cheaper fixed deals if these cash-generating tariffs disappear altogether.
“It’s been reported that British Gas’s new SBR will save its SVR customers up to £75 a year. The message is clear – don’t settle for a ‘Slightly Better Rate’ when you can switch and save hundreds of pounds a year with a more competitive supplier.
“If you haven’t switched energy in a while – or ever – take ten minutes out of your day to shop around online and compare tariffs prices and features from multiple suppliers. If you find a better deal, switching is a doddle – enter some details, click a few buttons, and your new supplier will handle the rest.”
For more information on understanding your energy bills or switching your energy supplier visit: http://www.gocompare.com/gas-and-electricity/beginners-guide/
For further information please contact:
Anders Nilsson at GoCompare on 01633 654 054 / 01633 654 725
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to editors:
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
GoCompare does not sell its customers’ data.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).