Martin Lewis has issued a warning to UK households who’ve had the same energy supplier for the past “six months”. The BBC Sounds star spoke out over the dangers of being left on the standard variable rate, which 80 per cent of households are paying.
Taking to Twitter, now X, to publicise his latest energy special on BBC Sounds, the 52-year-old Martin said: “If you’ve not done anything with your energy bills in last six months – this is a must listen to stop the likely rip off. Feel free to share.”
It comes after the Money Saving Expert founder used his latest ITV show to explore whether you should fix. If you’re on the Energy Price Cap – like eight in 10 households in England, Scotland and Wales aar– your bills are expected to rise by between 3% and 5% from April.
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But by locking onto a fix now, you can typically save 7% straight away and protect yourself from future hikes for 16 months. Mr Lewis said: “One thing you know is happening in April: up. It’s going up. And somewhere probably between there, because the wholesale rates…
“The world would need some massive worldwide catastrophe for energy prices to drop so much that it was going to bring it down in April, when we’re two thirds of the way through the assessment period and it’s an average rate over the period.
“The further out you go, the more crystal ball gazing it is. But look, I think once you get to July, on what they’re looking at the moment, it’d be very unlikely for it to be dropping substantially in July – although you’ve seen that predictions change week by week – and then once you get further out it’s difficult.
“So this is the key thing to remember with where I’m going, the prices I’m going to talk about now, the differences, are based on today’s Price Cap. But if you’re on the Price Cap, the likelihood is you won’t be paying today’s Price Cap coming forward.
“You will be paying more.”