The MoneySavingExpert explained his more emotional than usual response in a lengthy Twitter thread
Martin Lewis has apologised after admitting to “losing [his] rag” in a call with Ofgem surrounding the ongoing energy price hike and cost of living crisis.
Speaking in a lengthy Twitter thread, the MoneySavingExpert confessed that the energy regulator’s new changes were a “f*****g disgrace that sells consumers down the river”, adding that while his reaction is not an individual one, it was “inappropriate”.
I lost it when getting a briefing about today's proposals, where it feels like at every turn, in these desperate times where lives are at risk, it has ignored all asks for consumers and instead kowtowed to the industry (I hope history proves me wrong)…
— Martin Lewis (@MartinSLewis) May 16, 2022
As you can see, Lewis went on to explain that his reaction was in response to a briefing regarding today’s (May 16) proposals – essentially, that the energy price cap could be adjusted every three months – which he felt ignored the general public’s needs and concerns while the cost of living is already proving a struggle for so many.
He argued that instead, the government body was prioritising business and their main priority was to “stop the harmful effects of competition” – ie making it more difficult for providers to undercut their peers and offer cheaper, more affordable plans.
Its logic was this'd prevent other firms needing to 'exit the market'. For years I've been pushing it for better controls in who they allow to set up energy firms.
Yet now its way to stop it to lock in advantage to higher charging incumbent former monopoly firms…
— Martin Lewis (@MartinSLewis) May 16, 2022
He also went on to criticise the plans to revisit the cap every quarter, adding once again that the suggestion is energy firms are being protected before consumers, as the companies are already paying wholesale prices for six-month terms ahead of actually supplying energy to their customers.
Lewis also suggested he has pushed for better restrictions on who can set up energy firms, with sizeable suppliers such as Bulb going bust in 2021, leaving millions now in limbo as Ofgem decides which competitors can take them on.
Combine that with meeting industry's demand for a new more frequent 'every 3mth' price cap change –
Carefully calibrated for the first 3mths to include SIX months of wholesale prices (so the price factors in the highest wholesale rates in history) so firms don't miss out…
— Martin Lewis (@MartinSLewis) May 16, 2022
He concluded his social media statement by advising that the regulator cut the standard charges, which are only due to keep rising, and insisting that he has maintained a good relationship with Ofgem for many years.
Finally, he added that this was “an emotional rant, not a considered piece” and expects to have more to apologise for when doing further research.
Related links:
- Martin Lewis’ issues warning over £150 council tax scam
- Boris Johnson accused of ‘playing politics’ with kid’s health as ban on BOGOF junk food deals delayed
- Americans horrified as Prince Charles talks about cost-of-living crisis from golden throne
