Financial guru Martin Lewis today returned to ITV's This Morning, to answer viewers concerning questions regarding the current energy crisis.
Appearing alongside Alison Hammond and Dermot O'Leary via a video link, the trio aimed to help the general public who are struggling at the hands of inflation with regards to energy bills, after prices saw an increase of some 54 per cent on April 1, 2022.
With many across the United Kingdom worrying about plummeting into poverty due to the cost of living crisis, Money Saving Expert founder Martin is doing all within his power to assist those who need the most help - The Liverpool Echo reports.
Read more: Martin Lewis provides 10 tips to survive the cost of living crisis, as energy bills soar
Today he issued a dire warning to those households on fixed tariffs. He advised that they would see a large increase in bills when their current rates end. Beth emailed in to the show to ask what she can expect from the energy price increases if she is already on a fixed term tariff.
Martin replied: "If you have a fixed tariff, so you're locked in at a set rate, then everything you've heard about the price going up simply does not affect you. If you have a fixed rate then the amount that you pay - the unit charges for the gas and electricity and the standing charges - are fixed until that ends."
He went on to warn her, as he said: "Now, almost certainly, when that does end, you're going to see a very very large increase in what you pay because you'll be moving to the price cap - the standard tariff. As we know, that went up 54% on Friday and that was on top of a 12% rise last October.
"If you fixed before then, you're going to see a very big increase."
The money expert added: "But, until that happens, you are locked in. The only thing that can change is if the company you are with changes the estimate of how much you are using, because you've used more. If you're in credit that shouldn't be happening, but if you're in debt it may well do. That could see how much you pay each month change.
"While you're on the fixed, the unit rates are locked in until it ends. The only thing that could stop that is the energy going bust."
