Earlier this week, Martin Lewis warned millions of households on typical usage, with a standard energy tariff, are facing a 64 per cent hike in bills from October following industry analysts’ new prediction that the Ofgem price cap will rise to £3,245. Cornwall Insight also estimates that it will go up by a further £360 in January to £3,364.
The founder of MoneySavingExpert.com is now warning that not having a new prime minister in place until September 5 is “too late” to prevent the “panic” that will arise as a result of the official confirmation from Ofgem of the October price cap, due to be announced in August. He added that by then, direct debits will already be rising, not leaving ministers enough time to act.
The consumer champion also suggested that this winter may even bring about the need for ‘warm banks’ - the equivalent of food banks, where people who can't afford to pay for heating can take refuge in a warm place.
