Martin Lewis has shared the latest prediction from Cornwall Insight on how much energy bills for millions of households on the standard tariff will be from next April, once the UK Government’s Energy Price Guarantee has been withdrawn. The scheme was initially launched to protect people from rocketing fuel bills until 2024, but was scaled back to six months by Chancellor Jeremy Hunt.
The consumer champion took to social media on Monday to advise people that energy bills look set to hit an eye-watering £3,700 per year, an increase of 47% on the current £2,500 price cap. However, as unfathomable as that figure is, the award-winning financial journalist highlighted how the latest forecast from the energy analysts is down from their initial prediction last month of 72% - equivalent to more than £4,000.
Although it’s early days yet and the wholesale gas market is still incredibly volatile, Cornwall Insight has been fairly accurate with previous estimations.
