Martin Lewis issues depressing warning to Octopus, British Gas and EDF customers over your energy bills
The cost of living crisis continues to bite hard on the pockets of millions of Brits just looking to get by.
Well, it's time to grimace a little more when it comes to your energy bills, according to none other than finance guru Martin Lewis.
Lewis is an avid user of social media, using it to share his tips and tricks with his huge following while also sharing the success stories of real people to show that what he's saying can have real life changes.
Very often, he's spending his days sharing ways to save money. And one of the latest offerings explains how you say, in the words of his Money Saving Expert team, save more than £1,000 every year on a 'forgotten' bill.
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Pocketing nearly £200 for free by changing bank accounts is also on the cards, as well as £520 in compensation for delays to your flights at any point in the last six years.
Unfortunately though, not all his advice is about making or saving money.
Sometimes, it's about telling the reality of the situation even if that is grim. Because the truth of the situation is better than finding yourself short of cash before payday and having unexpected bills to pay.
That's certainly the case when it comes to the cost of gas and electricity bills in the country.
Last month, Ofgem - the UK's energy regulator - lowered the energy price cap by seven percent.
In real terms, this meant the then £1,690 a year costs for a typical gas and electricity bill in England, Scotland and Wales fell to £1,568.
That's more than £120 a year saved if the levels stay the same and a whopping £500 a year less than July two years ago.
Well, it's not all good news, according to Lewis.
The Mancunian took to social media to issue UK energy customers - the majority of which are signed up to Octopus, EDF Energy, NPower, British Gas, Eon - a fresh warning when it comes to their bills.
It came during the general election debate on Tuesday night (4 June) between Labour's Keir Starmer and the Conservative's Rishi Sunak.
On the issue of energy costs, Lewis took to X (formerly Twitter) to speak about the reality of bills come autumn 2024.
"It is correct to say that energy prices are predicted to rise this year at the moment, though its not set in stone," Lewis wrote.
"Current prediction is energy price cap to rise 12% in October, which will mean paying more than we do right now, even after the seven per cent July drop."
In simple terms, it means most energy suppliers are likely to raise the cost of your gas and electricity by 12% in line with the recommendation by Ofgem. They could bring in a lower rate, but there's no guarantee.
After Ofgem lowered the energy price cap in May, Lewis took to social media to issue advice on the long term picture for the UK.
Labelling one part of his advice as 'the ugly' part, Lewis wrote: "The Cornwall Insight has put out its new predictions and they don't make easy reading.
"If they're right this is the last fall, and the coming rises are big. On 1 July it has confirmed it drops 7%, so for every £100 paid today you pay £93.
"Then on 1 October it's predicted to rise 12%, so you'll go back up and be paying £104. Then on 1 January the crystal ball is saying it'll stay flat (at £104)
"All this makes the cheapest fixes which are currently 9% cheaper than now (so £91 per £100 on the price cap) look a decent bet."
Topics: Martin Lewis, Money, Cost of Living, UK News
Tom Earnshaw