economy
Martin Lewis issues urgent alert to UK households over energy bill increase
Martin Lewis has issued a stark warning to households following Ofgem's announcement that energy bills are set to rise once again in October.
TL;DR
- Ofgem's energy price cap will increase by 3.6% from October 1.
- Gas unit rates are set to surge by 8.7%, while electricity unit rates will rise by under 1%.
- Households on standard variable tariffs will be directly affected by the price cap increase.
- Fixed-rate tariffs are unaffected by the price cap, and some may see costs drop due to VAT changes.
- Martin Lewis recommends switching to a fixed-rate deal, as the cheapest available is currently about 10% cheaper than the October price cap.
- Forecasts suggest a further 10% increase in the price cap in January, though this is uncertain.