Martin Lewis has issued an inflation warning today after Liz Truss made the front page of papers this morning with her cost of living crisis comments.
17.08.2022 - 17:45 / manchestereveningnews.co.uk
Household energy bills continue to soar as Ofgem increases the price cap once again. Which is why Martin Lewis, the man behind the Money Saving Expert, is urging bill payers to look into fixed tariffs as it may work out cheaper, including for Octopus Energy customers.
A fixed rate tariff is a contracted rate you pay per unit of energy, and will be set for an agreed period of time - normally around 18 months, but as the energy regulator Ofgem increases the limit a supplier can charge for each unit of gas and electricity this October, entering a fixed tariff may save you in the long run.
The average annual bill is expected to cost £3,582 a year, that's £355 a month compared to the current average of £164 a month. And as if that isn't enough, the cap will now be renewed every three months, instead of six, meaning bills will increase even further this coming January.
READ MORE: I asked E.ON for a fixed price energy tariff and was shocked by the response
Consumer Editor, Gemma Sherlock, recently analysed how much you could save on a fixed tariff with British Gas, on its Oct 23v4 one year fix. Although the initial yearly price of £3,811 is more than the current average of £3,582, this would save households when the cap goes up again. They will pay a lot more now but have a better deal down the line.
On its 12 month fixed tariff, which is its cheapest fixed rate, the daily unit rate is 77.6 p/kWh, 53.95 p/kWh for night unit rate and has a standing charge of 43.72 per day. This is estimated from a Yorkshire postcode and it would vary slightly depending on the area.
Moving to a fixed tariff in the times when the price is constantly rising can provide households with more assurance that they will be paying the same
Martin Lewis has issued an inflation warning today after Liz Truss made the front page of papers this morning with her cost of living crisis comments.
Martin Lewis was back at the helm of Good Morning Britain as part of a new weekly appearance alongside Susanna Reid. The Money Saving Expert founder is no stranger to the ITV news programme.
Edwina Currie left Susanna Reid doing a double take as she appeared on Good Morning Britain. The former MP and Minister for Health appeared live on Monday's edition of the ITV news programme via video link from her home in the Peak District.
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Rylan Clark hit back at viewers who accused him of being 'too rich' to understand the energy crisis as he hosted ITV's This Morning alongside Ruth Langsford on Friday morning. It came as the pair reacted to the news that the energy price cap would soar by around 80 per cent to £3,549 from October.
Energy bills are set to rise again when a new price cap comes into effect in October. On Friday, Ofgem announced that the energy price cap would be set at £3,549 this autumn - an increase of around 80 per cent on the current cap of £1,971.
Rylan Clark was forced to hit back at This Morning viewers on Friday after many suggested that he didn't need to worry about the rising price of energy bills. Rylan, 33, has been hosting the ITV show alongside Ruth Langsford, 62, over recent days while Phillip Schofield and Holly Willoughby continue to enjoy their summer break. On 26 August it was announced that the energy price cap is set to increase again from 1 October, and Money Saving Expert founder Martin Lewis appeared on Good Morning Britain, This Morning and Lorraine to provide advice.
Like the rest of the country today, This Morning hosts Rylan Clark and Ruth Langsford reacted to the rocketing energy price cap amount that was confirmed earlier by Ofgem.
Martin Lewis has made an urgent plea to the government and future prime minister as households prepare to brace for the increased energy price cap in winter.
The energy price cap will rise yet again in October, soaring to £3,549 in the autumn. Regulator Ofgem announced the increase on Friday (August 26) and said the new price cap will last for three months until October 1.
Regulator Ofgem today announced that the typical household energy bill will hit £3,549 a year from October 1. This is a huge increase on the current energy cap of £1,971 for the average household.
Martin Lewis has called the new energy price cap "devastating" and has warned that "lives will be lost", as rising costs will put vulnerable people at risk.
The UK’s cost of living crisis is getting worse with many expert warnings about rising bills leaving many worrying about how they will survive the next few months. With autumn and winter approaching many are fearful of a hike in bills and in particular energy bills as they look at how they will keep their homes warm in the colder months.There have been warnings of energy bills surpassing £5,000 next April, according to a recent shock forecast.
As energy costs continue to soar with Autumn fast approaching leading to a drop in temperatures across the country, keeping tabs on your usage is more crucial than ever. Over the last few months, Martin Lewis has warned Brits about the surge in electricity and gas prices, leading to a cost of living crisis that is only bound to get worse once winter arrives.There have been warnings of energy bills surpassing £5,000 next April, according to a recent shock forecast. With many people worried about how they are going to pay their bills it's important to try and reduce energy usage as much as possible.
It's been a tough few months keeping up with our gas and electricity bills and unfortunately it's only going to get harder for us and many others.
Energy bills are rising and many consumers will see their gas and electricity payments shoot up even further from October. Consumers are being warned of sharp rises with the possibility of their direct debits going up before the new cap on energy prices begins.