Energy prices are set to soar
Money guru Martin Lewis has issued an important warning to anyone with an electric meter ahead of October 1.
Energy bills for households all around Glasgow and the rest of the UK will soar as the new price cap comes into force in October. While Liz Truss has announced an 'energy price guarantee', the average bill per year will hit £2,500.READ MORE- DWP issues warning as benefit payments might be delayed today - what to do now
In his latest MSE newsletter, founder Martin Lewis said: "Meter reading day's coming - don't panic, not everyone must do it, and it needn't be on the day."With prices rising for most on October 1, unless you've a working smart or prepayment meter, it's useful to feed in an updated meter reading around that date to avoid discrepancies over what you used before or after prices rose.
The financial journalist is urging that households input their updated meter readings a few days before prices rise to avoid crashing the energy supplier's websites or phone lines on October 1. This comes after websites crashed back in April when the price cap changed The energy price guarantee scheme, while it is higher than the current rate , it will not change for two years. This means that despite energy wholesale prices rising, the rates will stay the same until 2024, following reports that prices could reach over £5,000 next year.
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