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Martin Lewis explains how Brits' bills will rise by £1700 a year - and that’s just for energy
31 March 2022, 16:25 | Updated: 31 March 2022, 16:37
Martin Lewis explains how the typical energy bill in Britain will rise and why the government's support "clearly is not enough to cover" it.
Speaking to LBC's Shelagh Fogarty, the Money Saving Expert said people who saw £800 energy bills last year, face an increase to £1,970 tomorrow and then again to £2,500 in October, but he warned "it could be more".
Martin Lewis said: "The size of the bill increase we're seeing, which will typically, I predict, be around £1300 increase year on year, will have a manifest impact on the quality of living going not just [to] those on lower incomes but up to those on middle incomes.
"To be able to shoulder an extra £1300, you need to be on a mid to high salary."
Mr Lewis continued: "Bills in this October will be £1300 higher than those last October, which were about £200 higher than the previous October, and that's on the price cap. But the reality is most people then were on fixes.
"For someone on typical use, there's no such thing as typical use but see this as proportions... If you were on a cheap fixed £800, you'd be on £800 about a year ago. Today's price cap is £1271, so that's a 50% rise. Tomorrow we go up another 54%, so that puts you onto about £1970 on typical use. And in October, the current prediction, and we are a long way from this being set in stone... is £2500.
"As an absolute rise for many people who were switchers on typical use over 18 months, will be going from £800 to £2500 and it could be more, and that's a £1700 extra bill."