Jeremy Hunt ‘likely to keep energy price cap down’ as energy firms amend bills ahead of April
Reports suggest Chancellor Jeremy Hunt will keep energy prices down as the £400 winter support scheme is set to end in April
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Energy firms are preparing to amend energy bills as the government is expected to extend its support past April. With the current energy price cap set to increase to £3,000 in April, and the end of the energy support scheme, pressure has been put on the government to keep the price for an average household at its current level.
Currently, the price cap for an average household is £2,500, with every household getting £400 off their bills in winter support. And while the government has said all help with bills is under review, help is scheduled to scale back on April 1.
According to the BBC, several energy firms have already started amending their bills to reflect continued support from the government with energy prices on or very near the current levels. Chancellor Jeremy Hunt has as of today (March 3) declined continued support, but according to The Times, a source has said that the chancellor will now retain the support for another three months from April 1.
According to the newspaper, the Treasury spokesperson said that no decision to keep the energy price cap has been made. But an inside source confirmed to The Times that the £2,500 cap will remain for now.
Several high profile people have suggested that Mr Hunt will keep the energy prices down. Speaking to the BBC’s Today, MoneySavingExpert Martin Lewis said it is very likely the price cap will remain at £2,500.
"What happened yesterday was that was the deadline for them [energy firms] telling the pre-payment meter providers... what the new April rates would be, and what I have heard is some of the firms have kept it at the current rates," he said. “So we’re not at the smoking gun stage that this is definitely happening but I would say that we’re at an 85% likelihood that the price won’t be going up."