ITV Good Morning Britain: Martin Lewis explains what government's U-turn means for energy bills as price freeze to end in April gmb
Martin Lewis has explained what the government's U-turn means for homeowners' energy bills and what they can expect to pay next April. Appearing on today's instalment of Good Morning Britain, the Money Saving Expert founder also mentioned what help might be coming to those struggling.
Outlining what may happen as a result of this, Martin said: "We haven't had confirmation on this yet, but we assume in April we will go back to the old price cap methodology set by Ofgem, based on wholesale prices." He added: "It is important to state that the April price cap is based on prices between the 17th November and the 17th February. So we are not in that period yet, which means any forecasts are very, very loose."
Martin says if this prediction turns out to be right, then for typical energy use it will cost homeowners from £2,500 to £4,350 a year, and according to data by Cornwall Insight, the price will then drop slightly in July, "although it would still be up by nearly 60 per cent overall." Meaning the cap will then be down 15 per cent in July to £3,700 a year for typical use.
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