‘I have listened to Martin Lewis’: Jeremy Hunt confirms he’s keeping energy bills cap at £2,500 for next three months after speaking to money saving expert – as Chancellor admits families ‘remain in real distress’ amid cost-of-living crisis
Jeremy Hunt today confirmed he will extend the energy price guarantee at its current level for a further three months, which will cap average annual household bills at £2,500.
The Chancellor, delivering his Budget in the House of Commons, told MPs he had listened to money saving expert Martin Lewis, among others, over the cost-of-living crisis.
He acknowledged some families remain ‘in real distress’ amid the squeeze on household incomes.
Extending the energy price guarantee at £2,500 from April to June would save the average family a further £160, Mr Hunt said.
Extending the energy price guarantee at £2,500 from April to June would save the average family a further £160, the Chancellor said
The Chancellor, delivering his Budget in the House of Commons, told MPs he had listened to money saving expert Martin Lewis, among others, over the cost-of-living crisis
The Chancellor told MPs: ‘I recognise that even though wholesale energy prices have been falling, there is still enormous pressure on family finances.
‘Some people remain in real distress and we should always stand ready to help when we can.
‘So after listening to representations from Martin Lewis and other experts, I today confirm the Energy Price Guarantee will remain at £2,500 for the next three months.
‘This means the £2,500 cap for the typical household will remain in place when energy prices remain high, ahead of an expected fall in prices from July.
‘This measure will save the average family a further £160 on top of the energy support measures already announced.’
Earlier, Prime Minister Rishi Sunak said: ‘We know people are worried about their bills rising in April, so to give people some peace of mind, we’re keeping the energy price guarantee at its current level until the summer when gas prices are expected to fall.
‘Continuing to hold down energy bills is part of our plan to help hardworking families with the cost of living and halve inflation this year.’
The EPG had been due to rise to £3,000 in April, but falling energy prices mean that the current level can be extended to ‘bridge the gap’ until costs fall below the cap.
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