This is because the instalments from the £400 energy bills discount scheme which has been going out to households in England, Scotland and Wales is coming to an end. Mr Lewis said in a special episode of his ITV show after the Budget announcements yesterday: “You are going to need to budget for the fact that you’re going to pay more, especially if you’re on direct debit.”
The discount was applied in six instalments, with two £66 payments in October and November last year and four £67 payments from December 2023 through to this month.
The financial journalist warned: “The less you use, the proportionately more you’re going to feel that.
“If you’re a very heavy user, you wouldn’t notice. But if you’ve got much smaller bills, that £66/£67 a month is a much bigger proportion.”
Chancellor Jeremy Hunt announced in the Budget the Government’s energy price guarantee, which caps the unit price of energy, would stay at its current rate for the next three months.
Under the guarantee, a typical household in England, Scotland and Wales pay £2,500 a year on energy bills.
This was set to increase next month with average bills going up to £3,000 a year but Mr Lewis and others urged the Government to maintain the price cap as it is, as energy bills are set to fall below the current cap later this year.
Forecasted figures from Investec predict energy bills will fall to £2,165 a year from July as the ongoing drop in wholesale energy prices is passed on to customers.
More to follow…