Martin Lewis explains what Ofgem price cap rise means for you

Martin Lewis has explained what Ofgem price cap means for households, offering advice to consumers facing higher bills this winter. Speaking on Good Morning Britain on Wednesday, 26 August, the money saving expert stressed that the price cap only applies if customers are on their firm's standard variable tariff. “ If you're already on a fix, if you're already locked into a special deal, this does not affect you,” he said. “A fix is a fix. Your deal is a deal, and you will stay on that price until that fix ends.” Households are facing heightened winter pressure from energy bills after regulator Ofgem raised its price cap by 4 per cent to a three-year high. The regulator said the price cap will increase by £60 per year – or £5 per month – to £1,723 for the average household using both electricity and gas if this level was sustained for a year.

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