Martin Lewis, an advocate for consumer rights, has urged the chancellor to delay the planned increase in energy prices beginning in April in order to assist millions of people who are struggling to make ends meet.
When the government increases its energy price guarantee this spring, the average bill is anticipated to increase from £2,500 to £3,000 in price.
By capping the amount suppliers can charge per unit of energy used, the energy price guarantee shields consumers from rises in energy costs.
Since October, it has maintained the average annual home energy expenditure for dual-fuel gas and electricity in Great Britain at £2,500 and at about £1,950 in Northern Ireland.
While the programme would continue into April of this year, Jeremy Hunt announced in his Autumn Statement in October of last year that it would be less generous than in the past.
In April, universal support payments will also come to an end.
However, low-income individuals and retirees will continue get tailored assistance.
MoneySavingExpert’s creator, Lewis, claimed that he had written to Hunt to request that he postpone the anticipated increase because wholesale prices have “come down very substantially.”
An increase in energy costs of 20%, he said, would be “damaging to people’s pockets.”
The Treasury is reportedly unwilling to reverse the raise out of concern that energy market volatility would cause prices to change.
The department also attributes the rise’s continuation to lower than anticipated tax receipts from oil and gas firms.
Although wholesale rates had decreased dramatically, Lewis claimed that the Treasury would not spend “tens of billions of pounds less than it was predicted to in November.”
Lewis asserted that if Hunt were to think about delaying the increase in the energy price guarantee, it would need to occur before the March Budget as people will have received letters informing them that their rates will increase.