Martin Lewis fears home bills could treble as he warns ahead of grim winter

Martin Lewis discussed the rising cost of energy bills in an appearance on Good Morning Britain on Monday.

The MoneySavingExpert offered a warning of worrying further hikes after an announcement on energy price cap last month.

It is predicted costs will surge by 80% with a further increase in January.

READ MORE: Money expert Martin Lewis lands Good Morning Britain job as cost of living crisis grows

He repeated concern there could be a 52% increase at the start of 2023.

Speaking with co-host Susanna Reid, Martin warned the amount has tripled and could even go up in the near future.

Susanna said: "We're going to be speaking shortly to head of a network of schools Steve Chalke who says they are facing a bill of nearly £10million, previously £3m, going up to almost £10m."

Martin then replied: "It's also portentous, I need to be honest. A school is a business in this sense, there is no price cap on business energy.

"Businesses all the price cap really does is delay price rises… so if you look at what businesses are getting when their last contract ends, that foreshadows what we're likely to get and that's why what you're hearing from that school, 'we're trebling'.

"I'm hearing bigger rises than trebling, a trebling is a shadow of what is likely to come to all homes unless more help comes through."

• 

  Model who bought boyfriend sex doll version of herself now fears he prefers it

In the morning show, Martin also revealed the exact amount all households will pay even if they don't use energy this winter.

He said: "The standing charge means you pay a daily amount for gas and a daily amount for electricity, even if you don't use it.

"From October, if you have a gas and electricity meter on direct debit, you're paying £273 a year even if you use no energy, which is a moral hazard…

"Even if you try to cut your energy costs, the lower you go down, the less of an impact using less energy has for you."

At the moment, the average daily standing charge for gas is 27.22p and this is rising to 28.49p in October.

The average daily standing charge for electricity is 45.34p, rising to 46.36p.

Ofgem last week confirmed its price cap will rise to £3,549 a year on October 1.

This is for those on default tariffs paying by direct debit and marks a rise of £1,578 – or 80% – from its current level of £1,971.

Want all the biggest Lifestyle news straight to your inbox? Sign up for our free Daily Star Hot Topics newsletter

READ NEXT:

• Martin Lewis says Brits face 'life or death' bills and 'zombie government' must wake up
• Universal Credit claimants could be underpaid as Martin Lewis' MSE sends warning
• MoneySavingExpert warns millions could be missing out on £144 broadband saving

Source: Read Full Article