Martin Lewis warns of energy bill catastrophe unless MPs step in to help

Energy bill costs have risen in the UK and it's impacting millions of Brits.

The cost of prices could hit a staggering £3,300 on average this winter as the crisis continues in the UK.

Now in his latest MoneySavingExpert email, Martin Lewis has issued an urgent warning in regards to the problem.

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He wrote: "I feel sick writing this.

"The energy price cap's now predicted to rise 65% in October, taking typical bills to £3,240 a year, then rising again in January."

It works by limiting how much the average home pays for power every year, if they do it by direct debit on a variable rate tariff.

It is currently reviewed once every six months.

Martin continued: "Enjoy this week's warmth.

"This coming winter will be bleak, the cost of living crisis is set to climax in catastrophe, unless there is further intervention.

"The clock is ticking, by the time the new PM is in place, we'll know the price cap, so rising direct debits will be panicking millions."

He said if you pay £50 a month now, you're set to fork £85 a month from October.

And if you currently pay £150 a month now, it's predicted to go up to £250 a month in a few months.

Those paying £200 a month currently will face bills of £330 a month.

But the energy bill rises might not end in October.

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Martin said they could rise again on January 1, 2023, although the prediction would be a 4% increase.

The MSE founder said picking a fixed-rate energy deal might help beat rising prices, but only if you find a really cheap one.

He added: "Based on those predictions, over the next year you'll pay 57% more than the current price cap for energy.

"So if you can find a fix at less than that, it's worth considering, though the cost of fixes have rocketed in the past fortnight too."

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