Martin Lewis has warned people not to cancel their direct debit payments before the October price cap. The energy regulator Ofgem announced on Friday that the cap would increase from £1,971 to £3,549 in October for the average household - an increase of 80%.
The cap will remain in place until December 31 when analysts predict it could hike again to around £5,400 in January and £7,000 in April. Previously the price cap was changed twice a year, but Ofgem is now allowed to review it every three months with changes expected in January, April, July and October 2023.
Read more: Asda warns customers of big change coming within hours
