Martin Lewis has warned that new data published by energy analysts suggests that Ofgem’s price cap is set to rise by 64 per cent from October 1, taking the annual cost for a typical user on a standard tariff to £3,245. Cornwall Insight also said the price cap could go up by a further £360 in January to £3,364.
Households across the country are already trying to cope with the current price cap of £1,971, whose impact may not be fully felt at the moment as most of the country enjoys hotter than average temperatures. But come the colder months, the founder of MonyeSavingExpert.com told BBC Radio 4’s PM programme that it is going to be a “very bleak winter” and described the energy crisis as a “cataclysmic issue” for the UK Government.
The financial guru highlighted that the current £15 billion package of support does not cover the new increased predictions and warned that people receiving State Pension will be forced to use one-third of their annual payment to pay for energy bills.
