Martin Lewis tells householders 'what to do now' as energy bills to rise by £149

Money saving expert Martin Lewis has issued advice to householders following the latest Ofgem price cap announcement that will see the average energy bill go up by £149 a year.

On Friday morning the regulator announced it is hiking its price cap by 10% from the current £1,568 for a typical household in England, Scotland and Wales to £1,717.

It is around £117 cheaper than the cap in October last year, which was £1,834. However, reacting to the news Mr Lewis said the latest rise means this winter many will still be paying nearly double what they were pre-energy crisis.

READ MORE: See how much your energy bills will rise this winter with our price cap calculator

He has now urged people to 'take action now' by switching to cheaper fixed deals. Writing on X, formerly Twitter, Mr Lewis said: "Here's my instant briefing incl who it'll hit hardest, why govt needs change winter fuel payments, standing charges & WHAT TO DO NOW."

He added: "This rise means this winter many will still be paying nearly double what they were pre-crisis. From 1 October, the vast majority of homes in England, Scotland & Wales will see costs jump 10% – so for every £100 you pay today, you’ll typically pay £110. To be more accurate, as most of the rise is on the unit rate not standing charge, higher users especially those with gas, will overall see their costs rise by more than 10% rise, lower users less."

On what households should do now to save money Mr Lewis said: "People can and should save by switching. The cheapest year-long fixes on the market right now are about 7% LESS than the new October price cap, but they mightn’t be around long.

"That looks a good deal, as it's currently predicted once rates go up they won’t come down. Don’t just jump