British Gas today cut electricity prices by 10% for 4.5 million domestic energy customers after a fall in wholesale prices.
The company, which is the biggest supplier of domestic electricity in Britain, said the average dual fuel customer would see bills fall by £132 a year to £1,127.
It claimed the cuts made it the cheapest supplier of electricity in the country, with its rates now up to £111 a year lower than other firms. Other suppliers will now be under pressure to follow suit and reduce their prices.
The move follows a 10% cut in gas prices by the firm in February and has been driven by a fall in oil prices, which have dropped from a peak of $147 a barrel last summer to around $50 as the global economic crisis has deepened.We are very likely to see reduction in gas and electricity prices by other companies as well.

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Recession has caused holiday makers to reconsider holiday plans and the effect is showing up clearly more than 50% people have already cancelled there holidays and many are looking for cheaper holidays options.
Cheap family holidays are gearing up to cater the demand and many holiday companies are offering heavy discounts.

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3, the “next generation” mobile phones operator, manage to reduced its losses in last year.

Pre-tax losses in the year to December 2008 narrowed from £1.4 billion five years ago to £152 million, and down from £791 million a year ago. Revenues at the group, owned by Hutchison Whampoa of Hong Kong, jumped 18 per cent to £1.5 billion.

3, which has 8 per cent of the British market, with 4.9 million customers, has faced problems since it launched in 2003. A strategy based on securing high-spending customers through gimmicks such as video-calling flopped and the group was forced to lure customers with cheap tariffs.

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Alistair Buchanan, chief executive of Ofgem, promised more protection, clearer contract terms and an end to the contentious automatic rollover practice when fixed-term contracts to end as small business owner are traped into the roll over contracts format where they end up paying double charges and can’t switch over to different supplier for the same period, the simple reason is that every major supplier in United Kingdom require written notice before certain period to end any supply contract whether it gas or electicity contract if consumer fails to do so it rolls over to next 12 months.

The measures are part of a package aimed at a crackdown on unjustified price differences, more safeguards for vulnerable customers on pre-payment meters and removing obstacles preventing householders and businesses accessing better offers.

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The number of People taking mortgages has gone up by 4%, February figures showed.

A total of 24,300 loans for house purchase during the month, up from 23,400 in January, the Council of Mortgage Lenders said .

however there’s still very little activity compare to historical standards, with mortgages taken out by people buying a home running at only around a third of the average total for February of 76,000 seen between 2002 and 2007.

There was also a rise in the number of first-time buyers getting on to the property ladder, with 9,400 mortgages taken out by people buying their first home during the month - 7% more than in January.
as a first sign of coming out of this slow market

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