Martin Lewis warns energy price cap could soar close to £3,000 in October
Just as night follows day, the cost of living continues to spiral
The Money Saving Expert Martin Lewis has issued yet another warning about rising energy prices and the cost of living crisis as concerns surrounding the October review look to be more valid than ever.
Taking to social media, Lewis began his tweet by simply declaring "Oh sh*t!", as he revealed that the latest statistics from Cornwall Insight (an independent energy market analysis group) predict that the energy price cap is indeed set to shoot up considerably, with a potential increase of 51 per cent for the average UK household.
To put a more definite and damning figure on it, the current projections suggest that the energy cap will shoot up to a whopping £2,980 per annum based on people's typical use throughout the year. Oh sh*t, indeed.
PS I will be updating my time to fix analysis on the back of this tomorrow when we've crunched the numbers. I'll tweet the link then.
— Martin Lewis (@MartinSLewis) June 20, 2022
The 50-year-old finance guru and journalist went on to add that given these new figures, he will now have to adjust his own analysis in the coming days. It was only a month ago when he was forced to apologise to Ofgem after calling them a "f***ing disgrace" following the last energy price hike.
While the government's energy regulator had already warned us that energy costs could rise by £829 in the space of a few months, with chief executive Jonathan Brearley describing the situation as "genuinely a once-in-a-generation event not seen since the oil crisis of the 1970s", the signs only seem to be looking worse.
It would seem that even the very top-level prediction of a £2,800 energy cap is now an underestimation and that projections as to what Brits can expect to be paying for their energy bills continue to jump up every time we check back in.
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