Martin Lewis issues urgent energy bill warning to every household over tariff fixes ahead of next price cap

dailyrecord.co.uk:

Last week, Martin Lewis shared new tariff deals being offered to some existing consumers across the UK which could help millions of households reduce the impact of the next Ofgem price cap due to kick in on October 1.

The financial guru took to social media on Thursday to warn existing customers that those deals may not be around for much longer due to a “spike” in wholesale energy prices which could lead to them being withdrawn by suppliers and replaced by “costlier” tariffs.The latest predictions from the energy regulator indicate gas and electricity bills could sky-rocket by £800 to £2,800 in October and the founder of MoneySavingExpert.com’s advice if you are considering fixing your tariff, is to do it now.Martin posted on Twitter to his 1.5m followers: “WARNING: Wholesale energy prices have spiked over the last week, so it's plausible energy firms will pull the cheapest existing customer fixes & replace with costlier.“If u are considering fixing, my best guess is go asap." He also shared a link to a handy guide on fixing tariffs on the MoneySavingExpert.com explaining whether or not it’s the right fit for your household - read it here.The best way to find out about energy fix tariffs from your supplier is to call them and ask as these deals are not made public.Be prepared to wait in a virtual queue though as customer service lines continue to be busy with high demand for help.

Households have also been warned that the price of everyday items may increase even further than previously predicted following the Bank of England’s interest rate rise to 1.25% in a bid to contain soaring inflation.

The rise of 0.25% is a bid by the Bank of England to tackle an inflation rate that is heading towards 11% - currently at 9% -