Martin Lewis predicts a £600 increase in energy bills in April, but October may be even worse.

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Martin Lewis predicts a £600 increase in energy bills in April, but October could be even worse.

MARTIN LEWIS has issued a new warning to Britons that energy bills could rise by more than 50% in April, adding an “unaffordable” £600 to an average bill.

However, the personal finance expert warned that in October, homeowners could see another 20% increase.

Martin Lewis and Angellica Bell co-hosted ITV’s The Martin Lewis Money Show for the second time.

Martin, the founder of MoneySavingExpert.com, has issued yet another warning to Britons about the energy price cap.

Martin went “back to basics” on the price cap in tonight’s episode, laying out the changes Britons can expect in the coming months.

“If the Government does not intervene, the energy price cap, which the majority of homes are on, will rise by over 50% in April, adding an unaffordable £600 to a typical bill,” Martin said.

He did, however, warn that the energy price cap could rise by a further 20% in October, on top of the predicted price cap for April.

“We have to look beyond that into the October period as well because we’re planning for next year,” he explained.

“Right now, we don’t know what will happen in October because wholesale prices are assessed from February onwards.”

“However, if they stay where they are now, we’ll see another 20% increase in October on top of the price cap.”

The price cap is “misnamed,” according to Martin, because there is no maximum amount a consumer can pay for energy.

According to him, the price cap is more of a cap on the rate a consumer pays for energy than a cap on total costs.

Martin showed a slide that showed the “rough rates” for energy, which vary slightly depending on the region.

65 percent of homes in England, Scotland, and Wales are currently on the price cap as a result of recent increases in gas prices.

When a customer is “automatically” moved to a price cap, Martin explains.

“You’re on it or you’ll be moved to it automatically if you’ve never switched tariff, your cheap fix deal ends – which, because there’s nowhere else to go at the moment, means even more people will be on the price cap by April – or your energy supplier goes bust and you’re automatically moved to a new supplier,” he said.

“For years, I’ve been telling people, ‘Don’t be on the price cap, switch, get a lot.’

“News from the Brinkwire.”

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