East Yorkshire MP Sir Greg Knight has welcomed the announcement by British Gas that it will cut gas prices by 5% next month.

This decision follows another major supplier cutting its gas price by 3.5% last week. Sir Greg has said these price cuts were ‘welcome but overdue’ following sharp falls in wholesale energy prices.

Sir Greg said, “This latest price cut will reduce a typical household’s annual energy bill by £37 which is very welcome news indeed, particularly for pensioners”.

“As with buying fuel for cars, I urge people to shop around when it comes to electricity and gas energy suppliers as we are now experiencing a buyers’ market.

Sir Greg called on other energy suppliers to follow suit and pass on savings to consumers.