Martin Lewis is urging millions of Britons to consider fixed tariffs if their offered deal is cheaper than the new energy price cap figure. The man behind Money Saving Expert has said the new prediction that annual energy bills will soon hit £4,226 will have a huge impact on people's livelihoods.
Energy bills for millions of households could hit £4,266 next year, meaning the average bill would be £355 a month, instead of £164 a month. The grim predictions were made by consultancy Cornwall Insight after Ofgem announced its decision to change the price cap every three months instead of six.
The latest energy price cap, which limits the rates a supplier can charge for each unit of gas and electricity householder's use, is due to be announced at the end of August but Cornwall expects the cap to rise to £3,582 a year, compared to the regulator's prediction of £2,800 a year, that's a rise of 81%, and a further 19% rise in January, 2023.
