Martin Lewis has shared details of a proposed new ‘social tariff’ aimed at supporting vulnerable customers through the cost of living crisis next year. Chancellor Jeremy Hunt announced that the UK Government’s £2,500 Energy Price Guarantee will increase to £3,000 from April and will be in place until the end of March 2024.
The increase and extension of the UK-wide support is aimed at protecting millions of households from soaring energy bills which are currently on track to hit £3,740 a year from April, according to energy analysts at Cornwall Insights. In a new video shared on social media, Martin Lewis explained that it has been confirmed to him that if any of Ofgem’s price cap reviews - conducted every three months - falls under the £3,000, then households will pay the cheaper price cap rate.
The founder of MoneySavingExpert.com also shared details that were not mentioned in the Autumn Statement but have been confirmed.
