It's not all good news
The UK's cost of living crisis has affected millions across the country - and the outlook for 2023 looks increasingly grim, as experts fear it could last until the second half of the year. 2022 is likely to be remembered for the sharpest drop in household incomes on record due to the dramatic surge in inflation rates sparked by the Russian invasion of Ukraine.
It comes after Chancellor of the Exchequer Jeremy Hunt confirmed last month that energy bills will typically rise to £3,000 as of next April - surging from the current cap of £2,500. This compares to a price cap of £1,277 this time last year, however it is a substantial step down from the £3,739 that energy analysts at Cornwall Insight predicted.
Martin warned that without the £400 energy discount next winter, households will likely be paying on average £3,000 a year on their bill. He said: "You've all got something to help your energy bills this winter; £67 a month, over six months, which is £400. So let's get rid of that and let's look at the £400 that you've got this winter. That effectively reduces your energy bills and everyone's energy bills, but that is not being paid next winter.
Martin said: "This winter we're in the middle of getting those £66 or £67 a month - you should be getting them if you pay for electricity. However, that won't happen next winter. For those on benefits and tax credits, the £650 has mostly been paid - everyone who's eligible should have got it by 30 November, the vast majority have got that now.
"Then from April 2024, I suspect they're hoping we go back to that competitive switching market, they want to look at a social tariff, something I've campaigned on for years.
Benefits calculators, such as this one highlighted by the Department for Work and Pensions, allow households to input their income and other details to check their eligibility for benefits. The online assessment takes around 10 minutes to complete.
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