Martin Lewis has issued a warning as the energy price cap is predicted to rise above £4,000 next year. The cap, which regulates the amount that 24 million households pay for their gas and electricity, was replaced by the government's Energy Price Guarantee in October.
But the price cap will be reintroduced from April after the government confirmed their guarantee policy would be scrapped 17 months earlier than planned.
The Energy Price Guarantee had ensured that a typical household's energy bill would be frozen at around £2,500 a year from this October.
The policy, ushered in as part of Kwasi Kwarteng's mini-budget in September, was due to last for two years. But on Monday (October 17) newly-appointed Chancellor Jeremy Hunt confirmed that the guarantee would only last until April next year. Read more: Martin Lewis explains what energy price guarantee's early end means for those on fixed tariffs Mr Hunt said there would be a review to look at a 'new approach' to target support at those worst off after April.
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