Martin Lewis is warning of a ‘bleak winter’ ahead for millions of households after new data published by Cornwall Insight suggested that Ofgem’s price cap is set to rise by 64 per cent, taking the annual cost for a typical user on a standard tariff to £3,245 from October 1. The energy analysts also suggested that the price cap could go up by a further £360 in January to £3,364.
Gas and electricity customers across the country are already trying to cope with the current price cap of £1,971, whose impact may not be fully felt during the summer months, but when the season changes, the founder of MoneySavingExpert.com (MSE) says the cost of living crisis is set to “climax in catastrophe”.
In the latest edition of the MSE weekly newsletter, the financial guru explains what lies ahead and how to mitigate the unfathomable price hikes as best you can - he’s even managed to pinpoint a new ‘magical number’ for existing customers offered a tariff fix.
