- September 21, 2021
- Posted by: Mainframe Consulting
- Category: Business
Money Saving Expert Martin Lewis has warned that thousands of families will be forced to choose between eating and heating this winter as gas bills are to rise.
Brits will be expected to pay £139 more as next month the price cap on gas and electricity will be raised.
Lewis said the cost of energy is rising “in a way we have never seen before,” and he suggested that the cap could rise again on the 1 April by more than £200.
Thousands of families across the country are already under immense financial pressure due to Universal Credit being reduced, the end of furlough and a freeze on pay rises amid the pandemic.
Lewis warned, “The situation is catastrophic, in a way we have never seen before.
“There will be many people making the devastating choice between heating and eating.
“The government is talking about intervening with energy companies, it needs to intervene with consumers as well.
“As I never thought I would say, one option is prices have gone up so much the price cap is now not a bad deal for the next six months and you get six months of protection.
“But you could bide your time and just go onto the price cap when your current deal finishes, because it cannot go up until April 1.
“The second option is to try and lock into a one or two-year fixed rate. There are still a couple of tariffs out there where you can lock in for a year or two years at below what the price cap will be on October 1.
“They offer protection if things do not get better.”
He added, “Everybody needs to understand you will be paying more for your energy.
“This is not a question of saving money, this is a question of reducing the rise.”
Published at Tue, 21 Sep 2021 14:27:14 +0000