Martin Lewis issued a dire warning as energy bills are set to see yet another staggering increase.
Chancellor Jeremy Hunt announced yesterday that he would be scrapping the two year energy price guarantee – which was in place to help ensure that average households would only be paying around £2,500 a year for energy bills.
With the changes, comes more bad news. Appearing on Good Morning Britain on Tuesday, the Money Saving Expert said that the UK is set to see a further rise in April of next year.
He warned: “In April energy bills will rise 73% on average from where we are now. Martin explained that someone on typical usage will be paying around £4,350 per year “if the prediction is right”.
The penny puncher said that the April rates will be expected to stay the same for three months and then drop by 15%. However, he added that he was using a “lot of crystal balls” to get that figure.
Speaking about the Chancellor’s changes, Martin said: “One mitigating factor is we have been told there will be targeted support.” He said that Jeremy Hunt will come up with a way to help those who need it most, rather than a plan that helps everyone – including those that don’t need it.
He added that “they are going to have to stretch the help net up to middle earners”. He said that it won’t benefit the economy if the government are only helping benefit claimants.
Martin advised that the best thing to do at the minute is to keep an eye on energy bills. Limiting your energy consumption is the only sure way at the minute to help keep costs down.
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