Martin Lewis has issued a warning to everyone about a further price cap rise at the start of next year, saying: "I genuinely don't want to be the person saying this".
Millions of people across the UK are facing a major increase in energy prices as Government regulator Ofgem has confirmed an 80.06% rise in the energy price cap, sending the average household's yearly bill up from £1,971 to £3,549 from October.
The cap will come into effect for around 24 million households in England, Scotland and Wales on default energy tariffs on October 1, and will remain in place until December 31, when it will be adjusted again. You can get more cost-of-living news and other story updates straight to your inbox by subscribing to our newsletters here.
Read more: Energy bills to soar as major Ofgem price cap rise announced - live updates
Speaking to ITV This Morning after Ofgem announced the latest cap, he said: "I hate saying this. I genuinely don't want to be the person saying this - but on the 1st January, we're currently expecting to see the price cap rise by another 51% - which will take someone on typical use to over £5,300 a year."
The price cap will be changed again in January. It used to be reviewed twice a year, but recent events means it will be looked at every three months. As a result, the cap will change again in April, July and October, 2023. Experts expect the cap to rise significantly in January and again in April, and then to fall back again in July and October next year.
The exact levels of the cap remain to be seen. Experts at Cornwall Insight expect the cap to hit £5,387 in January, while their colleagues at Auxilione expect it to reach £5,405. In April, Cornwall expects a £6,616 cap, while Auxilione thinks it could be as high as £7,263.
Cornwall's forecasts for the July and October, 2023, caps are £5,897 and £5,887 respectively, while Auxilione expects it to reach £6,485 and £6,006.
Martin Lewis, who has been very emotional talking about the effect the rise will have on people in the UK, told ITV viewers: "The January price increase will take someone on typical use to over £5,300 a year pro rata. We are talking over half the state pension, even more what a single person on Universal Credit get.
"It is clearly unaffordable. It is irresponsible of our Government to allow today's announcement to have come without firm plans in place for what they are going to do to help the most vulnerable, and those most at risk from dying. We have to hear soon. They should have done before, but they need to tell us."
Boris Johnson has said he does not think the Government should "cap the whole thing" for "the richest households in the country". Speaking to broadcasters during a visit to South West London Elective Orthopaedic Centre in Surrey on Friday, the Prime Minister addressed today's energy cap announcement and what the Government was doing to support households with rising energy bills.
He said: "We want to target the households so most of the money will go to the eight million most-vulnerable households, that's the right thing to do. A lot of money will be going to absolutely everybody. What don't think we should be doing is trying to cap the whole thing for absolutely everybody, the richest households in the country.
"This will go on for a few months and it will go on over the winter. And it will be tough - and I'd be very clear about that - but in the end, we are also putting in the measures we need to ensure that we have the energy independence to get through this. And we are putting in more nuclear, and we are putting in more wind power. We have already seen a 26% increase in British gas now from the North Sea."
Wales' First Minister Mark Drakeford has called for an emergency budget and said: "We're doing all we can to support people in Wales, but UK Government's failure to address this crisis will result in further hardship for many families."
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