Martin Lewis issues urgent 'do not ignore' price cap warning to ‘most Brits’
Martin Lewis has advised Brits who are on the energy price cap to get off it while they still can.
The MoneySavingExpert.com founder, who recently urged people to check their payslips after thousands were left unpaid last year, has issued a fresh warning to households up and down the country.
Taking to X, the 53-year-old: "GET OFF THE PRICE CAP IF YOU CAN. DON'T IGNORE THIS (unsure if you're on the Cap? You likely are!).
"There's a window of opportunity to lock in prices below the current. Cap to avoid the huge hike coming in July."
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He explained on his website that energy prices fell slightly after the Middle East ceasefire which led to some suppliers offering fixed deals below the April Price Cap most households are currently on.
How much energy prices are going up by
Because wholesale gas prices remain volatile, the cap is forecasted to increase by about 14 percent on 1 July, meaning energy bills could rise soon.
Fixing now could guarantee a stable rate and potentially save money later.
"Whether you can get a fix, and at what price, depends on your region, use and payment method, so do a full market comparison asap," Lewis said.
"You're looking for one that saves you even a small amount over the current Cap, as far bigger savings will come from July."
"I spoke at Ideal Home at the weekend and asked for a show of hands from those on fixed energy tariffs, or other special rates they'd actively chosen. About a third of the hands went up," he added.
"So I asked who is on a Price-Capped tariff, and very few hands moved. Yet, if you're in Eng, Wales, or Scot and aren't on a fix or special tariff, you are by definition on a tariff covered by the Price Cap, so all the rest of the hands should've gone up too."
Martin Lewis accused of 'ridiculous scaremongering'
It comes after one person accused Lewis of 'ridiculous scaremongering' following his energy price cap warning.
"It’s about £5 a week. The hyperbole is overblown," they tweeted.
Lewis replied: "What's overblown? I'm talking about taking practical actions to save yourself money.
"That's what I do.
"You've read it as a political statement. I'm talking about sensible prudent planning.
"I talk about getting off the price cap in normal times too - because it's a pants cap!"
Anish Vij