Finance expert Martin Lewis has suggested that people should start fixing their energy bills immediately as the cost-of-living crisis bites ever deeper. BirminghamLive reported the Money Saving Expert (MSE) founder shared the advice on Twitter.
He said: "I promised to let you know when it was time to fix energy. Well, for many (not all) that's today - as for the first time in 2022, there are fixes that most should consider."
On MSE, Mr Lewis said: "If you're offered a year's fix at no more than 35% above your current price-capped tariff, or 40% more if you very strongly value budgeting certainty, it's worth considering. If you want price certainty, the cheapest fixes now give you that, but you'll pay more in the short term. If in doubt though, there's nowt wrong with playing safe and sticking on the price cap."
Alan replied: "There are quite a few people on this thread asking the pertinent question 'if wholesale gas prices are going down significantly, why is the forecast for the October price cap still a big increase?' Can you help?"
Martin replied: "Because that's the next day's wholesale price, not the year ahead price, which is what the UK market is based on. We don't have the storage capacity for next day to be meaningful."
"Martin Lewis for Chancellor," said Andrew. Kraig said: "It really is depressing to read this and know that whichever you way you look at it, you're getting royally shafted and for next to no good reason. Even these new fixed terms are absolutely finance destroying for families. How are we supposed to live?"
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