Martin Lewis issued a stark warning to every energy customer across the country on Monday following Chancellor Jeremy Hunt’s announcement that the UK Government’s £2,500 energy price guarantee will end at the end of next March. The consumer champion took to social media to advise people that energy bills look set to hit an eye-watering £4,350 from April.
The financial journalist posted on Twitter that the projected price cap after six months of the £2,500 frozen limit could go up by 75% for a household on typical, average usage. However, he added that under those same forecasts, bills are expected to go down by 15% in July to £3, 700 per year.
The early predictions came from Cornwall Insight, the energy analysts whose estimates have been on par with Ofgem’s official price cap since last year. But Martin explained that as we are not currently in the April assessment period yet, which runs from November 17-February 17, these were very early predictions and could “change a lot”.
