Experts have revealed new analysis to show how much it would cost to run the most popular household appliances, ahead of the chancellor's Spring Budget on March 15.
The Daily Record reports that speculation surrounding a campaign led by Martin Lewis will be announced on Wednesday, the same day as the Spring Budget. This campaign will aim to freeze the Energy Price Guarantee at £2,500 until July.
This open letter to Chancellor Jeremy Hunt has been backed by over 110 charities and organisations - but Secretary of State for Energy, Grant Shapps MP, failed to commit to an answer when asked on The Martin Lewis Money Show.
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Martin has now said that he is "99 percent certain" the price hike won't go ahead on April 1, 2023.
However, if the price increase does go ahead, the singular cost of one load of washing could increase from 71 pence to 86 pence in just a month.
Kevin Pratt, energy spokesperson at Forbes Advisor, said: “It’s been a tough winter for households across the UK, even with the Energy Price Guarantee in place and the £400 rebate paid to most households in monthly instalments between October and March.
“If there is no change to current policy, the 20 per cent rise in the Energy Price Guarantee will prove a hammer blow to household budgets - and this can clearly be seen by looking at the impact on the cost of running gas and electric appliances.
“For example, applying a 20 per cent increase on bills would mean the effective cost of running a fridge would rise from £2.45 a day to £2.95, while one load of washing would set you back 86p, up from 71p.”
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The energy expert also explained that while some of these increases might sound like very little, they soon add up over a month.
Kevin also said: "It’s important people are aware of these potential changes in their bills from April, but we hope the government uses its Budget on 15 March to share news of continued support on energy bills.”
How much items will add to your energy bills
The table below shows how much it costs to run one appliance now, and how much it will cost if the Energy Price Guarantee rises to £3,000:
To conduct this research, Forbes Advisor looked at the cost per use of essential and popular household items and compared running costs between the EPG in October 2022 - March 2023, and how much it would cost after the new EPG was put in place.
Chancellor Jeremy Hunt will deliver the Spring Statement on Wednesday, March 15 in the House of Commons.
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