In a key update the BBC and ITV personal finance expert said people have a ‘window of opportunity’ for the ‘first time in a month’
Writing on his MSE site, Martin Lewis explained people have ‘until Wednesday’ for one deal(Image: MSE)
Martin Lewis has issued urgent advice to any customers of energy companies like British Gas, EDF, E.ON Next, Octopus Energy, OVO, and ScottishPower. In a key update the BBC and ITV personal finance expert said people have a ‘window of opportunity’ to save lots of money.
And he said that energy customers will face a huge hike in July – meaning now’s the time to secure a deal. Taking to X, Mr Lewis said: “GET OFF THE PRICE CAP IF YOU CAN. DON’T IGNORE THIS (unsure if you’re on the Cap? You likely are!) There’s a window of opportunity to lock in prices below the current Cap to avoid the huge hike coming in July.”
After one followed accused Mr Lewis of going too far he replied: “What’s scaremongering? I always say get off the price cap. Yet right now it’s the first time you can do it and save in a month. Did you click and read what I wrote?”
The Iran war has seen wholesale gas prices rise 70 per cent. In a new statement yesterday, the head of the Bank of England said war in the Middle East has caused “a major supply shock”. The IMF said the spike in energy prices caused by the war would help push UK inflation towards 4% – double the Bank of England’s inflation target – and contribute to higher costs for households.
The conflict hit oil and gas supplies as Iran tightened its grip on the strategic Strait of Hormuz, giving rise to a US blockade of the country’s ports amid a shaky ceasefire.
In a new post on the MSE site he founded Mr Lewis said: “The cost of fixing has dropped since the Middle East ceasefire announcement, but that may start to unravel, so the window of opportunity may close. Act NOW and you can lock in a fixed rate below the new lower April Price Cap, which MOST of you are on (even if you don’t know it).
“This is crucial if you want certainty your rate can’t rise, as the Cap is predicted to jump 14% on 1 July. Whether you can get a fix, and at what price, depends on your region, use & payment method, so do a full market comparison asap. You’re looking for one that saves you even a small amount over the current Cap, as far bigger savings will come from July. “This includes an exclusive, market-cheaper EDF 15mth fix that’s guaranteed to stick around till Wed.”
You can do a whole-of-market comparison via http://cheapenergyclub.com In terms of who is on the price cap he said: “I spoke at Ideal Home at the weekend and asked for a show of hands from those on fixed energy tariffs, or other special rates they’d actively chosen. About a third of the hands went up. So I asked who is on a Price-Capped tariff, and very few hands moved. Yet, if you’re in Eng, Wales, or Scot and aren’t on a fix or special tariff, you are by definition on a tariff covered by the Price Cap, so all the rest of the hands should’ve gone up too.”
The conflict hit oil and gas supplies as Iran tightened its grip on the strategic Strait of Hormuz, giving rise to a US blockade of the country’s ports amid a shaky ceasefire.
As Prime Minister Sir Keir Starmer leads effort to ensure the future free navigation of the critical Gulf waterway, US President Donald Trump described the UK as “absolutely crazy” for not boosting oil extraction in the North Sea and urged the country to “drill, baby, drill”.
Meanwhile, Ms Reeves has condemned the US president’s “folly” of going to war with Tehran without an exit plan.
Speaking in New York before travelling to the IMF summit in Washington, Mr Bailey said: “We obviously are going through another large shock in the world economy that has monetary policy implications, it has potentially financial stability implications as well.”
