Martin Lewis issued a stark warning over rising energy bills for years to come on GMB today (Wednesday December 7).
Money Saving Expert Martin co-hosted this morning’s episode of Good Morning Britain alongside Susanna Reid.
And at one point she fired questions from viewers at him. But unfortunately Martin may not have had the answer many were hoping for when asked about whether energy prices will ever return to the levels they were previously.
Martin Lewis on future of energy prices
“Certainly not in the short term,” Martin levelled with those watching GMB at home.
He went on to explain how movement around the energy price guarantee is likely to occur.
Highlighting he was making his predictions by making comparisons with ‘typical’ bills, Martin said: “We’re currently at £2,500 for someone on direct debit. By next April the energy price guarantee will go up to £3,000.
“It will stay at £3,000 for a year unless underlying prices come down.”
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When might energy bills become cheaper?
Martin went on explain when people might see a decrease in what they pay for energy.
He went on: “So the price cap drops and it is cheaper. We’re not seeing signs of that yet. Maybe towards the end of 2023.”
Additionally Martin’s gloomy forecast indicated there may never be a return to energy prices of the past.
He added: “I was in a meeting with Ofgem yesterday. I meet with the energy suppliers and energy market people… and everything I’m hearing… I don’t think we’ll ever go back to the £800 being a typical bill.”
Following a gasp from Susanna, Martin emphasised how much one major aspect affect energy price increases.
If things were to go really right we might get it down to £1500.
“If things were to go really right we might get it down to £1500,” Martin pondered.
“But I think we’re a few years away from seeing anything like that.
“The ending of the conflict in Ukraine is crucial.”
How viewers reacted
GMB viewers had a variety of reactions to Martin’s predictions on social media.
One despondent Twitter user resigned themselves: “Get used to higher bills and power shortages.”
Another considered solutions they felt might work.
“Unfortunately prices ever rarely go back down to what they were, even when they sometimes can!” they tweeted.
They suggested: “I think the only way to see reduced prices is to reduce reliance on fossil fuels and move to alternatives which are cheaper.”
Will energy prices go down to where they were before?@MartinSLewis answers your questions pic.twitter.com/MD8cWSG6YQ
— Good Morning Britain (@GMB) December 7, 2022
Meanwhile, someone else wondered: “If we invested very quickly in wind farms, solar and all these things so that we didn’t need to import… would that bring prices down?
“I think a year of this is untenable and a different solution must be found.”
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Good Morning Britain airs weekdays on ITV from 6am.
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