Martin Lewis has explained what the government's U-turn means for homeowners' energy bills and what they can expect to pay next April. Appearing on today's (Oct 18) instalment of Good Morning Britain, the Money Saving Expert founder also mentioned what help might be coming to those struggling.
Speaking to presenters Susanna Reid and Richard Madeley, the financial guru explained how the country is currently under a energy price guarantee, which is "effectively a cap on the standard charge that people can pay on energy". But under new plans revealed by Chancellor Jeremy Hunt yesterday (Oct 17), this will be axed in April, despite being due to last for two years.
Outlining what may happen as a result of this, Martin said: "We haven't had confirmation on this yet, but we assume in April we will go back to the old price cap methodology set by Ofgem, based on wholesale prices."
