Money digest: today’s need-to-know financial news | 4 March 2016

With a blanket of snow covering parts of Northern England this morning, gas and electricity bills are uppermost in many people’s minds. A new report by Which? says that millions of people are paying ‘way over the odds’ for their energy. According to the consumer group, only a tiny fraction of the cuts in energy costs have been passed onto customers by the big six firms. Which? says that people who change their supplier could save about £400 on their annual bill. Meanwhile, the Competition and Markets Authority is expected to announce next week that it has scrapped plans to introduce a wide-ranging price cap on energy bills after fierce lobbying from the big six suppliers.

Also on the theme of energy, the government’s infrastructure adviser has laid out plans for a so-called ‘smart energy’ revolution with more cables linking the National Grid to mainland Europe. The National Infrastructure Commission wants the UK to store more energy from renewable energy sources and says fridges, freezers and washing machines could play a part.