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Daily Mirror
Daily Mirror
Business
Alahna Kindred

Martin Lewis 'feels sick' after seeing how high energy prices will get in autumn

Martin Lewis has told followers he "feels sick" after sharing how much energy bills will soar this winter.

Thousands of Brits are already struggling to pay their bills and put food on the table as the cost of living continues to rise in the UK.

Mr Lewis, the MoneySavingExpert, shared there will be a "huge spike" in the latest price cap predictions, according to data from CornwallInsight.

He explained in October the cap is predicted to go up by 64 per cent, which could mean spending £3,244 a year on typical bills.

He called it "horrendous" and said the October prediction is now £450-a-year, which is higher than what Ofgem previously mooted in May.

Martin Lewis has said he fears energy bills are going up more than originally thought (ITV)

Mr Lewis also added that more help will be needed compared to what the ex-Chancellor Rishi Sunak has previously announced to help.

He wrote on Twitter: "I feel sick writing this! I've just got the latest price cap predictions from @CornwallInsight.

"A huge spike in the key year-ahead wholesale price means OCT cap prediction UP 64% (so £3,244/yr on typical bills) JAN cap prediction UP 4% (so £3,363/yr).

Martin Lewis says reading the latest data makes him 'feel sick' (Ken McKay/ITV/REX/Shutterstock)

"It's horrendous. Especially as we're now near the end of the assessment period that sets Oct's cap, so this is the right ballpark.

"The Oct prediction is now £450/yr HIGHER than Ofgem mooted in May & that was what Sunak based the £400-£1,200/yr help on. More will be needed!"

Earlier today, we reported how energy firm bosses are thinking about publishing all the details of their deals, after a big meeting with MoneySavingExpert this week.

Many energy firms can offer cheaper deals to existing customers than they do to new ones.

But many households are unaware of this and may have to ask in order to find out.

This lack of clarity makes switching energy providers tricky, as working out the best deal for you can be difficult.

The meeting this week was attended by Martin Lewis, Ovo, British Gas, Octopus, E.ON, EDF and Shell, as well as charities Citizens Advice, National Energy Action and StepChange.

The aim was to find ways to help struggling customers this winter.

Energy companies did not say they would cut their prices as a result of the meeting.

But they did agree to help customers in other ways.

These include being more transparent about why energy bills are going up or down.

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