Martin Lewis has shared a worrying prediction after Jeremy Hunt cut a two-year scheme to help people with energy bills short to just six months.
The new Chancellor dramatically scaled back support for household energy bills and ditched tax cuts promised by his predecessor Kwasi Kwarteng as he seeks to restore stability following weeks of turmoil in the financial markets. In an emergency statement, Mr Hunt said the energy price guarantee - which had been due to cap prices for two years - will end in April after which time the Government will look to target help on those most in need.
Mr Hunt said: "The biggest single expense in the growth plan was the energy price guarantee. This is a landmark policy supporting millions of people through a difficult winter ad today I want to confirm that the support we are providing between now and April next year will not change.
READ MORE: Martin Lewis' warning to government as Jeremy Hunt scraps two-year energy price cap
"But beyond that, the Prime Minister and I have agreed it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices. So I'm announcing today a Treasury-led review into how we support energy bills beyond April next year.
"The objective is to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need. Any support for businesses will be targeted to those most affected and the new approach will better incentivise energy efficiency."
Now, Money Saving Expert founder Martin Lewis has predicted what the average household's energy bill will be as of April 2023. Taking to Twitter on Monday, he said: "Predicted energy bill from April UP 73% taking bill for typical use from £2,500/yr to £4,350 when price guarantee ends. "
He also estimated the next cap (July 2023) would drop 15% to £3,700 a year for typical use, before adding it is "very early days" as the assessment period for the April cap is November 17-February 17.
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