Martin Lewis gives one word verdict on Budget after meeting John Healey
Money Saving Expert Martin Lewis has given his early Budget verdict after a meeting with Chancellor John Healey this morning ahead of the speech to Parliament this afternoon.
TL;DR
- Martin Lewis is pleased about the proposed scrapping of gas standing charges.
- The gas standing charge is expected to be abolished in 2027, shifting the cost to unit rates.
- About 60% of people are predicted to pay less, while 40% may pay more, with a dividing line around 12,500 kilowatt hours of gas.
- Lewis anticipates a Budget intervention to address the forecasted 27% rise in energy price caps in January.
- Potential interventions include increasing the warm home discount or using council tax bands for payouts.
- The current standing charge costs consumers £108 per year, irrespective of their energy consumption.