Lib Dems announce 5 point plan to cut costs for consumers and commuters

The Liberal Democrats have today launched a package of measures to shift the balance of power back in favour of consumers and commuters to ease the cost of living and save families hundreds of pounds a year. Their "Five Point Plan" comes on the back of the Lib Dem Digital Rights Bill that provides compensation for consumers who have their data misused online.

The Lib Dems say their plan works by helping consumers switch suppliers or getting group discounts. After five years in government radically overhauling consumer rights law and driving competition in the energy sector, the Liberal Democrats say they want to go even further to save people money.

The Five Points are:

• Saving people on average £200 a year by forcing energy companies to allow customers to change supplier within just 24 hours
• Saving consumers on average £200 a year by extending ‘collective switching’ across the UK, helping people benefit from group discounts on bills
• Saving money for customers on prepayment utility meters by 2017 by guaranteeing them the ability to install a smart meter
• Saving consumers time and effort, by ensuring the company which people switch over to handles their move, and by extending this measure to other consumer services like telecoms, TV and broadband services
• Saving rail users money by ending the era of above-inflation rail fare increases

Announcing the new Five Point Plan, Nick Clegg said: "Competition, choice and a fair deal for consumers is the backbone of a stronger economy, yet the balance of power still remains in the favour of big business. We want to give power back to consumers and commuters, making sure people are not ripped off by sky high energy bills and excessively high rail fares."

"Our five point plan will deliver more choice, less hassle and more money back in people’s pockets." Mr Clegg added.