Martin Lewis returned early from his summer break last week to help millions of people understand how the new energy price cap will affect their household budget this winter. Ofgem confirmed on August 26 that the standard tariff will rise by more than 80 per cent from £1,971 to £3,549 on October 1, pushing many family finances to the brink.
The consumer champion appeared on several TV and radio programmes explaining the implications of the increase and urging the UK Government to step up its financial support - a sentiment echoed by Ofgem, energy suppliers and charities. In this week’s MoneySavingExpert.com newsletter, the financial journalist has shared a dozen ‘energy hike must-knows’, including how people will pay £273 per year even if they use no energy, how Direct Debit is the cheapest way to pay your bills and whether you should fix.
Writing in the newsletter, Martin said: ‘I've been trying to raise the alarm for months, shouting that action's needed to prevent a potential winter price catastrophe. Well on Friday, that catastrophe crystallised, without any new firm mitigating plans in place.”
