A presenter has claimed that energy provider apps crashed during the Martin Lewis Money Show. The ITV show, which kicked off at 8pm, shone a light on all things personal finance less than 24 hours ahead of Labour’s first Budget.
This has included further advice on the energy price cap – or so-called ‘energy pants cap’ – after the Ofgem energy price cap jumped up by around 10% on October 1. Typical households may see their electricity and gas costs go up to a staggering £1,717 per year, with the cap set in place until December 31.
Although the show didn’t reveal what specific energy apps had crashed, Martin Lewis’ co-host Jeanette Kwakye reported that some had experienced downtime after the interval. The alert comes as Martin Lewis this week issued an urgent message for households to consider fixing into an energy deal now.
In the latest MoneySavingExpert.com (MSE) weekly newsletter, the gurus highlighted a number of top one-year energy deals, comparing their average cost with the October Price Cap and exit fees. Remarkably, E.on Next, British Gas and Outfox the Market were among the top three firms they recommended for this for both new and existing customers.
For instance, E.on Next is currently offering a 12-month fix for its customers at a rate 6.6% less than the Price Cap, including MSE cashback. Meanwhile, British Gas is offering 6.4% less than the cap while still including the same cashback.
However, its experts add: “Before you switch to a fix (or any other tariff), you need to understand how the Price Cap will dictate what you pay if you were to stick on a price-capped tariff. Bear in mind this only really applies to one-year fixes – it’s a much harder decision if you want to fix for longer.”
The programme also aired just hours before Chancellor Rachel Reeves is set to deliver her first Autumn Budget since Labour’s sweeping general election victory in July. The annual statement, outlining the Government’s future spending plans, will take place at 12:30pm Wednesday, October 30.
Although the specific details of this speech remain unclear, the Chancellor previously said that ‘difficult decisions’ are necessary to ‘restore economic stability’ in the UK. This follows accusations that the Conservatives left behind a £22 billion black hole in ‘unfunded pressures’ which the new Government has now inherited.
Two months ago, Prime Minister Sir Keir Starmer also warned of a ‘painful’ Autumn Budget while stating: “I’ll have to turn to the country and make big asks of you to accept short-term pain for long-term good.”
Yet, Martin Lewis’ advice site, MoneySavingExpert (MSE), has already outlined a number of things it would like to see in tomorrow’s statement. This includes a less restrictive criteria for receiving the Winter Fuel Payment, after it was announced that households in England and Wales are no longer entitled unless they receive Pension Credit or certain other means-tested benefits.