Martin Lewis has explained why it’s not worth fixing eye-watering energy prices now.
Speaking on the first episode of his ITV series, The Martin Lewis Money Show, Mr Lewis answered a question from an audience member who wanted to know whether she should fix or switch.
Mr Lewis went on to run the audience through what might happen to energy prices and when.
However, when he went to answer a question about whether or not to switch or fix energy prices, there was a catch.
Mr Lewis said: “The answer to that question depends on the rate that you’ll be fixing at. It’s great to fix at a cheap rate. It’s not good to lock yourself at a high rate.
“The tragic events in the Middle East may mean prices are going to be slightly higher than this and there is not a new prediction yet.
“They are predicting in January that it’s going to go up around four percent and then in April down four percent and then down four percent in July and then up two percent next October.”
Mr Lewis concluded: “Based on the current predictions from Cornwall Insight, it’s worth fixing at a maximum 1 percent above the current rate.”
While this was one conclusion Mr Lewis had, it was not the one he told the audience member who asked the question.
He confessed: “I wish it was worth fixing but for most people right now based on current predictions it isn’t which is different to what I was going to say about an hour ago.”
As the winter moves closer and the temperatures fall, more and more people are starting to turn on their heating.
According to one expert, families could save money on energy bills if they make a few home improvements.
Speaking to the Express.co.uk, price comparison expert Helen Rolph said: “Saving money on energy bills starts from making simple adjustments to our everyday habits, like turning the thermostat down a few degrees or not leaving appliances on standby.
“But in order to lower your energy consumption in the long run, it’s worth considering some upfront investments in efficiency that will help future-proof your home. It looks like despite the energy price gap falling, it won’t reflect on energy bills and many people will actually end up paying more this winter.
“Now is the perfect time to undertake some energy-saving home improvements to gear up ahead of the cold weather and reduce your bills just in time for winter.”
Ms Rolph added: “Some of these upgrades may be a bit more costly, but it’s certainly worth investigating and researching what government support is available.”
