The energy price cap is now expected to reach £3,244 in October after previous estimates put the figure at £2,800
Martin Lewis said the latest estimate of how much energy bills could rise this year left him 'feeling sick'. The money saving expert warned UK households that the energy price cap is now predicted to rise by around £450 more than previously expected.
The latest estimates come from Cornwall Insight, one of the country’s premier energy consultancies, and are based on what an average household spends on gas and electricity in a year. Cornwall also predicted that the price cap could go up by another £360 more than previously thought in January.If the predictions are right, bills could rise by a staggering £1,393 - from £1,971 currently to £3,364 - by the start of 2023.
He described the figures as "horrendous", adding that "we're now near the end of the assessment period that sets Oct's cap, so this is the right ballpark". Mr Sunak's £15 billion package to help with the rising cost of living promised a £400 energy grant for every household in the country and up to £1,200 for the most vulnerable households.
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