Millions of households across the UK will have their energy bills remain at £2,500 a year for at least three months from April 1. However Martin Lewis has warned that despite Jeremy Hunt's budget announcement, people will see a rise in their energy bills next month..
Thanking the Chancellor, the secretary of state for energy and the Government for listening to the "powerful campaign", Martin Lewis called it the "right move." Martin Lewis explained: "For a long time, it was the energy price cap set by the regulator, Ofgem, based on wholesale rates, the prices that energy firms pay for energy. That was going up and up and up and it was looking very worrying last summer.
This means the Energy Price Guarantee, which lasts until next April 2024, is no longer relevant from July. "I’d like to thank the Chancellor for listening. The rise – which would likely only have lasted three months – would have caused disproportionate harm financially and, with more 'price rise' letters, to people’s mental health."
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