Martin Lewis issues stark warning to all households following new energy price cap announcement

manchestereveningnews.co.uk:

Martin Lewis has issued a warning to billpayers that their bills are set to skyrocket. It comes after Ofgem increased the energy price cap in response to rising wholesale prices.

The industry regulator confirmed that the price cap will rise from £1,834 for the average household to £1,928 from January 1, 2024.

The money-saving expert explained to his followers on social media that the 5 per cent rise means they'll pay "more than any winter before" as it comes alongside the scrapping of one vital form of government support.

Overall, the unit rate on electricity will go up 4.6 per cent while gas will go up 7.6 per cent. Read more: Everything chancellor Jeremy Hunt said about pensions in autumn statement Read more: How much monthly DWP Universal Credit payments will be in 2024/25 Writing on X, formerly Twitter, Martin explained: "So bigger rises for gas households than electricity and proportionately bigger for higher users (due to impact of unit rates).