Martin Lewis warns households could soon be paying £10,000 a year on energy
dailyrecord.co.ukMartin Lewis has warned that some people could end up paying £10,000 a year on their energy bills. The money saving expert and consumer champion appeared on ITV's Good Morning Britain on Friday to address the new Ofgem energy price cap which will rise to £3,549 a year from October 1 for the average household.
It will mean an increase in bill costs of 80 per cent for the 24 million households on a standard tariff across England, Scotland, and Wales.
Meanwhile, the 4.5 million pre-payment meter customers across Britain - who are among the most vulnerable to price increases - will see their annual bill increase even further to £3,608, MEN reports.
Mr Lewis has warned that the situation is far worse than expected, with some potentially paying the equivalent of a house deposit on their bills.Appearing on ITV's GMB, he warned that the situation is a "genuine social and financial catastrophe that is putting lives at risk".He added: "I’m noticing many media organisations saying that the price cap is £3,549 a year – that isn’t correct.“The price cap is actually a cap on the standing charges and unit rates that you pay, they have gone up by around 80%.
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