Money expert Martin Lewis has worked out the real reason why Rishi Sunak has called a General Election on July 4.
Although the financial wiz has repeatedly made clear that although money matters are political, Martin is ‘not party political’, he has passed comment on the timing of the Prime Minister’s decision to send the nation to the polls.
Speaking in the wake of another £122 drop in energy bills which was announced by energy regulator Ofgem today, Martin advised that the timing of the energy market is being taken advantage of by the PM.
Martin advised that, although energy bills are coming down 7 percent from July 1, they are currently forecast to increase by as much as 12 percent from October, the price cap after the next one.
Martin said the ‘ugly’ prediction meant it’s ‘not a surprise’ that an election has been called.
He told his followers: “The ugly. The new prediction from Cornwall Insight is that the energy price cap from October will rise 12 percent. So I think probably this July price cap fall is the last we will see for a while.
“Not much of a surprise that an election has been called if this was in the coming. We’re just about to announce a price cut, if you leave it much longer people will start talking about a price rise in energy and that will factor into inflation.”
Discussing how the price rise will affect bills, Martin added: “So to put it in perspective, for every £100 you pay on energy right now, in July you’ll be £93, and if Cornwall Insight is correct and of course it’s a crystal ball prediction, you’ll pay £104 from October.
“So it will go up and then it’ll be roughly the same next January. So the summer, it goes down, winter it goes up.
“That is of course, a frustration.”
