UK Money Saving Expert Martin Lewis has issued an 'urgent' warning to Brits as he explained the new Energy Price Cap.
Speaking on his Twitter today, Martin Lewis revealed that the average Brit will see their energy and gas bill fall by 17% this July.
However, the cash guru and Good Morning Britain presenter warned that Brits should expect their direct debits to reflect this straight away, rather it may take some time to make the alteration.
Mr Lewis went on to explain that this July marks the first time since last that the government will not be subsidising energy bills to help with the cost of living.
This is because July will see the average energy bill fall below the government's energy price guarantee scheme.
Read our Martin Lewis below for the latest updates…
- By Louis Allwood
Energy bills to fall by up to £426 for millions
Energy bills are set to fall by up to £426 for millions of households this summer.
The energy regulator confirmed the new price cap, which comes into effect on July 1, this morning.
The Ofgem price cap has fallen by £1,206 from £3,280 to £2,074 a year and it will cover the period to October 1.
The lower cap will replace the government’s Energy Price Guarantee, which currently limits the typical household energy bill to £2,500.
It means the average household will see their annual bill drop by £426.
- By Henry Moore
What is pension credit?
Pension credit is designed to boost your income if you’re over the state pension age and on a low income.
On top of the government’s cost of living payment, pension credit also makes you eligible for other support such as the Warm Home Discount scheme worth £150 a year and help with council tax.
The benefit could be worth more than £3,300 a year.
- By Henry Moore
Martin Lewis warns some people could pay DOUBLE what they paid two years ago
Martin Lewis has issued a urgent cash warning to Brits.
In a statement on Twitter, the MoneySavingExpert founder said: "Apart from for those with high use, the drop in the rates doesn’t make up for the £66 per month state support people got until April – and most are on monthly direct debit, which means they pay the same in summer as winter.
“Overall, this still leaves people paying double or more what they did before the energy crisis hit in October 2021."
- By Henry Moore
Are you eligible for benefits?
A number of charities have benefits calculators that you can use to work out if you are entitled to any extra help.
This includes:
- Turn2Us
- Policy in Practice
- EntitledTo
It’s worth looking into, as if you do qualify, it could make you eligible for the £900 cost of living payment too.
How do you log in to Universal Credit?
Universal Credit claimants can see their online account by logging in via the gov.uk website.
You’ll need your username and password – which are the same ones you had to set up when you first applied for benefits.
If you have forgotten your login details, you can put in a request to reset your username or password by entering your email address.
If you have an online Universal Credit account, you can also sign in via gov.uk verify.
In a worse case scenario, you can always try calling the Universal Credit helpline on 0800 328 5644 (Textphone: 0800 328 1344).
You can also get in contact via NGT text relay on 18001 then 0800 328 5644.
There’s a Welsh language helpline available on 0800 328 1744 too.
Which benefits are means-tested?
The means-tested benefits are:
- Universal Credit
- Income-based jobseeker’s allowance
- Income-related employment and support allowance
- Income support
- Pension credit
- Tax credits (child tax credit and working tax credit)
- Housing benefit
- Council tax support
- Social fund (sure start maternity grant, funeral payment, cold weather payment)
To be eligible to receive any of these benefits, you must be able to demonstrate that your total capital is less than a certain amount.
How to reduce the cost of your supermarket shop
At a time when prices are sky high, households will be looking for ways to cut costs on their supermarket shop where they can.
Here we share a number of savvy saving tips to help you cut the cost at the till – and save some much-needed cash.
- Know when to shop – Heading to the shops when products are marked down and bright yellow discount stickers are applied can save a fair bit of cash.
- Hunt for yellow sticker bargains – You should also keep an eye out for yellow stickers to get the best food bargains.
- Make the most of loyalty schemes – Here we revealed the best and worst supermarket loyalty schemes including Asda, Tesco, Sainsbury’s and Morrisons.
- Shop wonky – Strange-shaped fruit and vegetables taste the same but cost less.
- Make a list – One of the most common mistakes shoppers make is going out underprepared.
Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
- Money Helper – 0800 138 7777
- Citizens Advice – 0808 800 9060
- StepChange – 0800 138 1111
- National Debtline – 0808 808 4000
Top 10 travel hacks to save some money
Are you a super savvy saver when it comes to booking holidays? Or do the websites get the best of you, causing you to miss out on deals?
Take this quiz to find out your savvy-booker score.
Below are some top tips on saving money when booking a holiday.
- Compare different travel dates to see if it’s cheaper
- Search for flights departing on a particular day to see if it’s cheaper
- Pay for flights with a credit card
- Book a hotel directly rather than through a third-party site
- Pack as lightly as possible to avoid baggage charges
- Search for flights six-eight weeks in advance of the trip
- Buy a package deal to make the entire trip less costly
- Compare multiple flight comparison websites
- Compare multiple airline websites directly
- Book flights in the ‘off season’ of where you’re travelling to
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