Martin Lewis says high chance energy bills will not rise by £500 next month

Speculation is mounting that the UK Government is set to cancel a planned £500 increase on energy bills for the average household from the start of next month following a campaign led by Martin Lewis.

His comments come after two separate reports from the BBC and the Times that the UK Government is close to deciding to keep bills unchanged. Martin told Today host Nick Robinson: “I was saying earlier in the week, reading the runes, it was a better than 50 per cent chance that the price wouldn’t go up.

Some energy companies are already assuming that the UK Government's energy support will not become less generous from the start of April, the BBC reported on Friday morning, citing industry sources. The downside to extending the support on energy bills is that it will cost the UK Government money, but the price to keep protections the same for households until July will only cost the Treasury an extra £2.5 billion, compared to raising the guarantee by £500, according to analysts at Cornwall Insight.This is because wholesale energy costs are falling.

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