Martin Lewis issued an apology as he shared important energy advice.
The finance guru provided an analysis of Liz Truss' energy plan as the new Prime Minister announced bills will be frozen at £2,500 to ease the burden on households across the UK. A common question Martin has faced throughout the crisis has been customers asking if they should stick on a variable tariff based on the price cap or move to a fixed deal.
Martin confirmed the Business Secretary had informed him anyone who had recently moved onto a more expensive fixed deal will be able to move contracts without any exit penalties. Martin has taken to Twitter to issue an "important update" for anyone on a fixed tariff.
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However, he first issued an apology for bring the subject back to energy plans as the nation continues to mourn the death of Queen Elizabeth II after Her Majesty died aged 96 on Thursday.
He said: "I'm sorry to post about energy right now, but this is an important update, and may impact choices people are making right now. This is specifically about those on fixed tariffs. The info on the rules for fixes may be changing."
Ms Truss' plan will will see the Ofgem price cap replaced with a 'two-year energy price cap guarantee.' This will see a typical UK household pay no more than £2,500 per year on energy bills for two years from October 1. Martin warned warned people rushing to cancel their fixed deals could be making a costly mistake due to the way the discount is calculated.
He said: "The new 'price guarantee' will effectively work as a discount of the unit rates of the pre-planned 1 October price cap rate. I'm now hearing this per pound discount will also apply to all tariffs, including fixes.
"So, many fixes that currently look costliest than price guarantee will end up cheaper. Plus there may be an info reversal on the 'all can get out of a fixed tariff without exit penalties' which government told me earlier. It may be up to firms. Be careful til I get confirmation.
"To those saying "can't it wait until tomorrow." Sadly not I'm hearing of people trying to cancel fixes now, and this could cost them £100s or £1,000s they can't afford to lose. I felt it necessary to get the information out."
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