Fans have expressed their gratitude to Martin Lewis after the Government confirmed the Energy Price Guarantee (EPG) rise will be delayed.
The money-saving expert announced the big news on social media which will ensure people save money on their energy bills. Initially, the government proposed a 20 per cent EPG rise in April which would have seen the cap for average households raised from £2,500 to £3,000.
The EPG was introduced as a cheaper alternative to Ofgem's price cap, with the government supplementing the price difference. The proposed rise would have seen households pay around £500 more a year on their energy bills, however, this is no longer the case. Households are now expected to save £160 due to the £2,500 cap being extended to mid-June.
Writing on Twitter, Mr Lewis said: "CONFIRMED: The Energy Price Guarantee 20% rise has been postponed from April to July - meaning in practice it's cancelled. Exactly what my letter (below) to Chancellor asked for. Thanks to the govt for listening & to the 135 charities backing the campaign."
Martin has spent the past few months campaigning for the EPG to remain at its current rate to help billpayers afford their energy costs in the face of a worsening cost of living crisis. He previously wrote to Chancellor Jeremy Hunt, warning that the increase would be "an act of national mental health harm".
Many of Mr Lewis' fans have expressed their thanks for his long-term campaign against the rise and the results it has brought. One Twitter user wrote: "Thanks to you Martin and all those charities who backed you. At the moment every little bit helps, and we have to celebrate the small wins with what we’re up against."
Another user wrote: "Absolutely fantastic news Martin - due to your continued work millions maybe able to survive the spring without going further into debt or below the poverty line. Legend." A third user wrote: "Great work Martin as always. It was a no brainer for the government given the amounts they’ll now save against what they budgeted for & they can actually say they’ve done something to bring down inflation instead of it coming down naturally anyway."
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