Martin Lewis has issued advice to people worried about the energy bill hike.
The Money Saving Expert returned to This Morning to provide viewers with financial advice. The UK is in a cost-of-living crisis as households have been hit by surging energy prices.
Ofgem confirmed the price cap will rise by 80% next month and shock forecasts predicted it will soar yet again to over £5,000 in April. The finance guru has repeatedly called for political intervention to provide support and the new Prime Minister, Liz Truss, is reportedly set to announce her plans over the coming days.
READ MORE: Warning to anyone who uses pay-at-pump fuel at supermarkets and petrol stations
At her first Prime Minister’s Questions, Ms Truss confirmed her plan, expected to freeze household bills at around £2,500, will be set out in Parliament on Thursday.
Martin issued advice to a Scottish Power customer named Julie who was concerned after her direct debit energy bill soared from £132 a month to £425. However, the finance guru said people concerned about the hike should wait to see what the best course of action is after Ms Truss confirms her new policy.
He said: "I'd probably sit on your hands for a day or two and wait to see what the announcement is." Martin said he expects the announcement to come tomorrow evening as reports suggest Ms Truss will introduce a price freeze.
He said: "I think we're going to get the most radical shift in energy policy." He added: "The latest I've heard is that they're going to freeze it for someone on typical use at around £2,500. But people will still get the £400 discount that was promised this winter taking it to £2,100."
Martin said the rumoured plans have problems as it means wealthy people will receive the same help as those from more financially vulnerable backgrounds . However, he welcomed that action was finally being put in place to help people this winter.
He said: "I breathed a sigh of relief that there was a political will to do something. People will argue over the mechanism, but we needed something doing and I hope we hear something tomorrow."
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