martinlewis.moneysavingexpert.com
Founded MoneySavingExpert, Money & Mental Health Policy Institute, (ish) the Martin Lewis Money Show ITV & Martin Lewis Podcast
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but it’s important to be aware that comparison sites will currently show your savings compared to the current Price Cap (as firms new tariffs aren't published yet), not the one it’ll drop to in July.
That means savings will be exaggerated by 7%, and you need to factor that into your calculations.
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Beware when comparing because savings figures are now OVERINFLATED
While I'm urging those of you on the Price Cap to do a comparison right now, as savings are potentially large,
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and if analysts' current Price Cap predictions prove true, would substantially undercut the Cap in every period for the next year.
Our recent analysis shows, that at every point over the last 12 months, grabbing the cheapest fix on the market would’ve saved you substantially over the Price Cap.
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For all but those on pre-payment meters, where sadly there’s little choice, I’d urge people to get off the Cap, use a whole-of-market comparison site, like CheapEnergyClub.com to find their cheapest fix.
That will instantly cut bills, without any need to wait until July,
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It was only ever meant to be a back-stop tariff for those unable to switch, yet during the energy crisis it effectively became a regulated price, and still today, 65% of homes are on tariffs dictated by the Cap.
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though those with gas will typically see less of a fall, as electricity prices are falling further.
The Cap is still a pants cap.
Compare these falls to the cheapest fixes on the market today, which are 18% below the current Cap, showing the Price Cap is a Pants Cap.
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In simple terms it means for every £100 you pay for energy now, in July, August & September you will typically pay roughly £93.00.
As the cut is on both unit rate and standing charges, this time the impact is pretty uniform for lower and higher users,
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ELECTRICITY
Standing charge 51.37p/day (now 53.8p) down 4.5%
Unit rate 25.73p/kWh (now 27.03p) down 4.8%
GAS
Standing charge: 29.82p/day (now 32.67p) down 8.7%
Unit rate: 6.33p/kWh (now 6.99p) down 8.7%
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the year. Crucially energy bills this July will still be 10% higher than at the same time last year.
What is the new cap? Here are the new July average Direct Debit rates (prepay is slightly less, pay in receipt of bills more). Though it varies by region.
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Full travel insurance help & best buys www.moneysavingexpert.com/insurance/ch...
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It's primarily an economic measure. The real impact on people's pockets is based on culmnative inflation... the rises on rises on big rises that we've had in recent years. And while average incomes have started to catch up a little, there's still a long way to go.
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This rise, mainly due to April's 6.4% hike in energy bills, and 20% in water bills (reduced somewhat by a softening of car insurance prices), was long known about.
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Regulation will mean firms must be overt that it's a debt, have proper affordability rules, and will crucially let people go to the ombudsman if things go wrong. Yet it’s not coming in until 2026, so people should still maintain a level of wariness until then.
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BNPL can be useful, allowing spreading of payments for a necessary purchase like a plumber to do it interest-free. Yet it's been sold as a lifestyle choice, not a debt & pushed for instinct buys or even takeaways. Too many r in trouble with multiple BNPLs leading to debt-chasing & credit damage
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“We’re finally sneaking closer to the long overdue, much needed, consumer protection that regulation of BNPL will bring. Buy Now, Pay Later is now ubiquitous at online checkouts, many people don’t realise it is a form of debt – and that if things go wrong it can mess up their financial lives.
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Just a reminder, as always, this poll is NOT a statistically representative sample of the views of UK population. It simply represents the views of the self selecting group here who chose to vote in a the poll.