Consumer champion Martin Lewis took to ITV's Good Morning Britain (GMB) today (January 16) with a stark warning to Brits. He stated that the crippling energy costs households are experiencing at the moment will continue and actually rise further before they begin to fall.
Quashing the rumours that energy prices will start to fall soon, Martin appeared on GMB to explain what he described as the ups, ups and downs of energy bills and where they're due to go. He warned that before reductions can be expected, prices will, in fact, go up.
Joining programme hosts Susanna Reid and Ed Balls, the Money Saving Expert explained: "On the first of April, the current plan is that it [the energy price guarantee tariff ] will go up to £3,000 so everyone will see a 20% rise and it will then stay at £3000 for a year until April 2024." Following this stark reality, Martin added a little hope for consumers.
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He said: "The only chance it will get cheaper is if the energy price cap, which is the price the regulator used to set and that is the one currently at £4,200, were to drop below the energy price guarantee. Now the prediction is based on current wholesale rates and the energy price cap is set on wholesale rates.
"This is the one that might get lower in April, no. But from July, because it moves every three months depending on which company's predictions you look at, this £3,000 could drop to somewhere between £2,500 and £2,800."
Martin will take to his The Martin Lewis Money Show on ITV tomorrow (January 17) at 8pm. He told GMB that on the programme he'd be discussing cutting the cost of debt. Watch live on ITV or on ITVX.
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