Martin Lewis issues urgent warning for bill payers on when to switch energy providers | Personal Finance | Finance

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The Money Saving Expert founder took to Twitter to urge Britons to “act as soon as possible” before things get even worse. In the past, he’s hesitated against advising Britons to switch but says energy bills spiked again this week.

Some 22 million families who are currently on the standard energy price cap due to a lack of other options could benefit from Martin Lewis’ latest advice.

The financial journalist has taken to social media to warn Britons that energy firms could be about to remove their cheapest energy fixes and now is the time to act.

He wrote on Twitter: “It’s plausible energy firms will pull the cheapest existing customer fixes and replace with costlier.

“If you are considering fixing, my best guess is go ASAP.”

READ MORE: When Universal Credit claimants will get first instalment of £1,200

This means someone on typical usage could soon receive yearly bills of £2,800, according to Ofgem.

In a one hour Cost of Living TV Special earlier this month, Mr Lewis gave some valuable advice to a caller after his direct debit was hiked.

During the show, Roger called in to ask his advice after his energy company put his direct debit up three and a half times from £46 to £160.

Mr Lewis said while it’s not unusual for someone’s bill to increase by up to two and a half times, three and a half times seemed extreme.

Some eight million households will benefit from the extra cash announced by Chancellor Rishi Sunak.

Households who rely on Universal Credit will receive their first instalment of around £326 from July 14.

The second instalment is due in Autumn.

Pensioners will receive an extra £300 to help them survive the colder months.





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