Martin Lewis says UK households can 'guarantee' no energy bill rise in January

Martin Lewis says UK households can "guarantee" no energy bill rise in January before Christmas. The BBC Sounds podcast host and ITV star spoke out as the announcement of the UK’s energy price cap for January 2024 was made today (Friday).

It shows the price cap has risen by 1.2% to £1,738 for a typical household. He said: “The cheapest fixed tariffs available right now are around five percent LESS than the current price cap. Therefore the simple thing to do is lock into a fix now to save money and guarantee no future hikes.”

"The MSE cheap energy club link is here https://clubs.moneysavingexpert.com/cheapenergyclub and of course is whole of market by default (ie unlike many energy comparisons we show all tariffs rather than hiding those that don't do comparison site lead fees)," Mr Lewis said.

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It comes after it emerged households are increasingly resigned to high energy prices, with 84 per cent of respondents in a recent survey saying they do not believe energy bills will return to pre Covid pandemic levels for years to come.

The survey conducted by tado°among 1,449 UK residents reflects growing concern among consumers about rising costs, as industry experts also confirm that these elevated prices are the “new normal.” This figure is more than 30 per cent higher than the cap during winter 2021-22 and highlights the long term impact of geopolitical and economic pressures, including the effects of the war in Ukraine.

Nearly 67 per cent of the respondents have reported heightened awareness and concern about energy bills compared to five years ago. The price cap adjustment will see bills rise by £21 per year, or approximately £1.75 per month, for households on British Gas, EDF, EON, Ovo, and Octopus tariffs. This sets maximum rates per unit and standing charges that energy companies can bill customers for their usage.

Cornwall Insight forecasts suggest energy bills may drop slightly by 1.4 per cent in April to £1,713 per year for typical dual fuel users, before another small decrease in July.