Martin Lewis has updated UK households who have a fixed rate energy tariff on what a rumoured energy price cap freeze may mean for them.
The Money Saving Expert founder has been keeping people in the loop with the latest news as the cost of living crisis worsens. Mr Lewis is known for his switching and money-saving tips, but recent events have left even him at a loss at how to help people.
The finance guru took to Twitter on Tuesday to let his many followers know what a potential price cap freeze would mean for people - both those on a fixed rate and those on the cap.
READ MORE: Martin Lewis shares way to 'beat system' ahead of skyrocketing energy bills
Speaking of those on a fixed tariff, he said: "Up to 15% of households are on fixed tariffs, many have locked in at higher prices, as they are risk averse and wanted to protect their bills. So what happens? Will they automatically be put on the price freeze?
"If they are not automatically moved, will they be allowed to switch to the price freeze? If so and their tariff has early exit penalties (some of which can be £300+) will they still be charged?
"This will need sorting out as a priority so those who've tried to protect themselves don't miss out. I would of course be lobbying for that and hope there's a chance some policymakers may just be reading this now to ensure it is addressed."
The new Prime Minister Liz Truss is expected to freeze the energy price cap at £2,500 for all households, as well as capping it for businesses. The plan has not yet been agreed and the small print is still being thrashed out with energy giants, ahead of an announcement most likely on Thursday, the Mirror reports.
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