The consumer champion has shared a new video explaining the impact of the new energy price cap
Martin Lewis has shared a new video to help more people understand how Ofgem’s new energy price cap will impact their bills from July 1. On Thursday, the energy regulator announced the price cap will drop by 17 per cent from £2,500 to £2,074 a year, which means households with typical, average usage on a standard tariff will see an annual saving of £426.
The founder of MoneySavngExpert.com said: “Now the bad news is the high daily standing charge that you pay will remain unchanged after the 1st of July. It will continue to be an average of 53p a day for electricity, 29p a day for gas.” Martin went on to explain that means “lower users cannot save much by cutting their usage” adding that this is something he has been lobbying Ofgem on and said that a new consultation issued on May 25 “may see that change a little bit in future”.
Top Money Stories Today The financial guru also said Direct Debits are not expected to go down quickly and advised people soon after the announcement yesterday to make sure they do a meter reading around July 1 to ensure usage and bills are not estimates.
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