Martin Lewis has issued some key advice for people who may be struggling to pay their energy bills this summer. Energy costs are set to skyrocket for most families, as the energy price cap goes up at the end of the this month.
Energy regulator Ofgem sets the energy price cap on standard variable and default tariffs. It is currently priced at £1,277 per year on average for a typical household. The current energy price cap lasts until 31 March, and will shoot up to £1971 per year on April 1.
In February, Chancellor Rishi Sunak announced a £9 billion package of help for consumers who will be impacted by the 54% price cap rise. It includes a one-off repayable £200 discount and a £150 rebate on council tax bills, and £144 million to councils to support vulnerable households amid surging energy prices.
However, many consumers are still worried how they will afford their bills. One person who called into This Morning today (Tuesday, March 8) was Helen from Cardiff. She said she was "really concerned" as her bills were set to go up by £200 a month with her supplier.
Martin said that was "not acceptable" and advised Helen to talk to her supplier - but did warn that prices for everybody are likely to "go up horrendously in April" and again in October. Martin added: "We're going to be faced with typical bills in the country for an average normal household of around £3,000 a year by October."
The financial expert said the Chancellor will have to intervene, and he as a Spring statement later this month. Of the cost to consumers, he said: "That is totally unsustainable. As a money saving expert I have very few tools left in my arsenal."
But Martin had some advice for people who cannot wait for the spring statement. He said: "If you are really struggling, speak to your supplier. If you can't afford to pay, speak to them. They can't cut you off.
"There are hardship funds out there. British Gas has one that even customers who aren't its customers can apply to. Most of the big funds have them to. Speak to somebody like National Energy Action. There's the warm home discount. There is government support.
"Speak to Citizens Advice. I mean, there is some help available if you are properly struggling, but I'm not sure there's enough help for everybody out there.
"I'll be talking more about other options, like whether you should fix or not on my show tonight. But if you're really struggling, speak to your supplier, speak to one of the help charities."
Martin Lewis will have a special edition of his Martin Lewis Money Show from 8pm on ITV tonight, where he will address this and much more. This Morning returns to ITV weekdays from 10am, and catch up on ITV Hub.
