Martin Lewis warns Andy Burnham's VAT energy bill cut 'will be wiped out' by price cap rise
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Martin Lewis warns Andy Burnham's VAT energy bill cut 'will be wiped out' by price cap rise.
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Martin Lewis has warned Prime Minister Andy Burnham's decision to scrap VAT on electricity bills will leave households seeing little tangible benefit.The consumer finance expert described the £850million measure as "a good totemic step and very welcomed", but cautioned a forecast 3.1 per cent rise in the energy Price Cap from October 1 would largely wipe out the promised £45 annual saving.On an annual basis, the anticipated Price Cap increase amounts to more than £50 on a typical household bill, comfortably exceeding the value of the tax reduction.With further price rises predicted for January and wholesale energy costs climbing amid ongoing instability in the Middle East, Mr Lewis said households were unlikely to feel a significant improvement in their finances despite the Government's intervention.
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TRENDING Stories Videos Your Say Andy Burnham, the Prime Minister and former Greater Manchester mayor, entered Downing Street on July 20 as Britain's 59th Prime Minister following Sir...
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A: Martin Lewis warns Andy Burnham's VAT energy bill cut 'will be wiped out' by price cap rise.
B: Martin Lewis has warned Prime Minister Andy Burnham's decision to scrap VAT on electricity bills will leave households seeing little tangible benefit.The consumer finance expert described the £850million measure as "a good totemic step and very welcomed", but cautioned a forecast 3.1 per cent rise in the energy Price Cap from October 1 would largely wipe out the promised £45 annual saving.On an annual basis, the anticipated Price Cap increase amounts to more than £50 on a typical household bill, comfortably exceeding the value of the tax reduction.With further price rises predicted for January and wholesale energy costs climbing amid ongoing instability in the Middle East, Mr Lewis said households were unlikely to feel a significant improvement in their finances despite the Government's intervention.
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