Martin Lewis guarantees ‘no future hikes’ on energy bills by doing one thing now

Martin Lewis says households tin “guarantee nary aboriginal hikes” connected vigor bills (Image: ITV)

Martin Lewis says UK households tin warrant “no aboriginal hike” connected their vigor bills if they bash 1 elemental happening close now.

The proposal comes arsenic Ofgem contiguous confirmed household vigor bills would emergence again from January 1 arsenic it announced a 1.2 per cent hike to its terms cap.

The summation means that the emblematic vigor measure for homes successful England, Scotland and Wales volition emergence from £1,717 a twelvemonth to £1,738 - astir £1.75 other per month.

While a 1.2% summation whitethorn look small, it comes connected apical of October’s 10% terms rise. It means that for each £100 paid now, it volition outgo £101.20 from January.

It is predicted that the terms headdress volition emergence again from April 1 earlier dropping somewhat successful July and again successful October, but it is inactive expected to beryllium higher than the existent rate.

Martin Lewis says households tin expect to wage a mates of percent much than present connected mean implicit the adjacent year.

But the MoneySavingExpert (MSE) says determination is simply a mode to prevention wealth connected your vigor bills and debar immoderate aboriginal terms hikes, and that is simply by locking into a fixed tariff close now.

He said: “The cheapest fixed tariffs disposable close present are astir 5 percent LESS than the existent terms cap. Therefore the elemental happening to bash is fastener into a hole present to prevention wealth and warrant nary aboriginal hikes.”

Martin Lewis advises households to cheque MSE’s Cheap Energy Club comparison to presumption the champion deals presently available. Energy prices volition alteration depending connected wherever you unrecorded successful the UK and the magnitude you usage time to day, truthful it’s important to comparison prices earlier locking in.

Ofgem has besides urged customers to instrumentality vantage of expanding prime among vigor suppliers and look for the champion woody to support their bills arsenic debased arsenic possible, adding that households could prevention up to £140.

Tim Jarvis, manager wide of markets astatine Ofgem, said: “While today’s alteration means the headdress has remained comparatively stable, we recognize that the outgo of vigor remains a situation for excessively galore households. However, with much tariffs coming into the market, determination are ways for customers to bring their measure down truthful delight store astir and look astatine each the options.

“Our reliance connected volatile planetary markets – which are affected by factors specified arsenic events successful Russia and the Middle East – means the outgo of vigor volition proceed to fluctuate. So, it’s much important than ever to enactment focused connected gathering a renewable, home-grown vigor strategy to bring costs down and springiness households stability.

“In the short-term though, anyone struggling with bills should talk to their supplier to marque definite they’re getting the assistance they request and look astir to marque definite they’re connected the best, astir affordable woody for them.”