After a year of almost relentless bad news, UK households may be set to benefit from a much-needed boost after one of the country's largest utilities suppliers hinted that it was ready to reduce gas and electricity prices.

Over recent months, millions of consumers have been forced to act as the rising price of wholesale oil propelled household bills ever higher, with many opting to switch utilities suppliers, while others looked to make their homes more energy efficient.

However, it now seems that the 'big six' energy firms are reassessing their tariffs in the wake of declining oil prices.

According to Ian Marchant, chief executive of Scottish and Southern Energy, his company may be in a position to pass on falling wholesale costs to customers by the start of 2009 and many industry observers believe that, should this happen, it could produce a ripple of similar moves among rival firms, much to the benefit of struggling households.

"If the trend in wholesale prices continues, we are optimistic that bills can come down next year," Mr Marchant stated, adding that his firm will make a final decision on its gas and electricity rates "in the early part of next year".

Should such a rate reduction materlialise, it would come as a massive relief for the millions of Brits currently unable to set money aside for the future due to the high cost of living, including the cost of heating and powering their homes.

Indeed, research recently carried out by AXA found that as many as 20 million British households have been eating into their savings since the start of the year, with just the relatively wealthy – that is those on an income of £70,000 or more – able to save right now.

Though thinking to the long-term financial future may be the last thing on many people's minds, just as with shopping around and switching energy suppliers, the effort put into setting money aside is worth it in the long-run.

"Setting aside money in savings is never easy but it can be rewarding. Put ten per cent of your salary aside this month and see how you get on," Steve Folkard from the insurance firm advised.

And those Brits that do take action, whether it be with regards to their utilities rates or savings accounts, may be able to have a brighter Christmas and not be among the 48 per cent of Brits who fear that they will not be able to be as generous this year than they have in the past.