Martin Lewis warns of 'damaging' energy price cap rise
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Martin Lewis regularly appears on television to inform Britons about financial issues, offering viewers advice on how to save money on bills, amongst other necessities. Martin spoke to Andrew Marr on BBC this morning about the energy bills crisis.
The cost of living in the UK has increased in only a few months.
Martin explained one of the reasons for this is the increase in the energy price cap.
This happened in October due to a rise in energy wholesale prices.
Speaking to Andrew Marr today, Martin said: “So, the totem for the cost of living problem is energy bills.
“And people will know in October we saw the price cap increase by 12 percent.”
Martin warned that next year energy bills will rise again.
He explained: “But because of the energy crisis, there is this looming date of April 1, when it’s likely the current price cap – around £1,280 a year for someone with typical use – is going to move to £1,700 a year.”
This, Martin said, is “a monumental shift and incredibly damaging for people’s pockets”.
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The finance expert continued: “I think with that coming, the Government has not got a solution.
“It has absolutely no way to change that.
“And once that really starts hurting people’s pockets – you can do everything else you like – but we all know that when you start to hurt people’s pockets, then you have a real electoral problem.”
Martin stressed that the cost of living crisis is “not going away”.
“Certainly not until October next year at the earliest,” he concluded.
Martin has previously warned Britons about the rise in energy bills.
In late September, he warned of the increase in October, recommending that peopel switch energy supplier before the hike.
It is now too late to switch provider.
Speaking on This Morning at the time, Martin explained that even those who set up a cheap fix a year ago will soon have to pay £100s more.
The finance expert said the market’s cheapest fixes are unfortunately 44 percent more expensive than this time last year, and are likely to continue to rise.
“Accept it or write to your MP,” the finance expert added.
Martin often appears on This Morning to give advice to viewers, usually answering callers’ questions every Thursday.
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