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Martin Lewis issues harsh warnings about energy bills to monitor two important dates

According to consumer experts, households can expect to hit energy prices with an “earthquake” and may be forced to decide whether to eat or heat their homes.

Martin Lewis, founder of Money Saving Experts, said the government must now intervene to avoid the crisis in the energy market.

He told PA News Agency: “This year will be a very tough year for many.

“The energy price crisis requires substantial government intervention.

“The energy price of the system is expected to rise by at least 50%, which is unsustainable for many.”

The government’s energy price cap will be revised in February and customer bills will be raised from April.

According to Energy Specialist Cornwall Insights, billing could rise 46% from £ 1,277 a year under current price limits to £ 1,865 a year when the next revision is announced.

They also predict that global energy prices could surge to £ 2,240 a year in the next quarter’s revaluation in August 2022, without a significant fall.

Lewis said:

“There are already people who have to make that choice.

“We need to look at the overall structure of the energy market.

“The government didn’t intervene early enough, so we’re all paying for the market collapse we’re seeing.”

Some companies went bankrupt in 2021, and customers of other energy companies got a tab of collapse. Meanwhile, the government also took over the operation of the bulbs after failing in November last year.

Ofgem then announced changes in the amount that other energy companies, and ultimately customers, could be forced to pay to fund the collapse of their rivals.

However, many in the industry say there is more work to be done to prevent future businesses from going bankrupt, and there are stricter rules on who can run a supplier.

Lewis added that stronger protection is needed for the most vulnerable people who may not be able to find the best deal or stick to the more expensive prepaid options.

He states: “April is the blow of an astronomical fuel cost earthquake.

“The government meets the energy industry, but not the consumer group.

“Sure, I’ve never heard of what’s going on.

“If you leave this before it’s too late, it’s a disaster, so they have to classify it now.”

A government spokesperson said:

“We are also further supporting vulnerable, low-income households through initiatives such as the £ 500m Household Support Fund, warm home discounts, winter fuel payments and cold weather payments. Household fuels such as are already subject to a 5% tax cut on VAT. “

Martin Lewis issues harsh warnings about energy bills to monitor two important dates

Source link Martin Lewis issues harsh warnings about energy bills to monitor two important dates

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