‘It can’t wait’: Martin Lewis posts energy freeze update shortly after Queen’s death announced

·Breaking News Editor, Yahoo News UK
·3 min read
Martine Lewis issued an urgent update on fixed tariffs following the death of the Queen. (PA)
Martin Lewis issued an urgent update on fixed tariffs following the death of the Queen. (PA)

Martin Lewis has shared further advice about how energy consumers can best manage their bills after Liz Truss revealed her plans to deal with soaring gas and electricity costs amid the cost-of-living crisis.

The founder of MoneySavingExpert.com has become one of the most authoritative voices for people trying to save money on their bills.

Lewis posted an update about fixed-rate tariffs to Twitter shortly after Buckingham Palace announced the death of the Queen on Thursday evening, leading to some criticism that his message had been disrespectful.

He said in his tweet, published an hour after the Queen's death was announced at 6.30pm, that he was "sorry" to post about energy bills but that the update "can't wait" because the issue impacts so many people.

Truss – who was appointed as prime minister by the Queen two days before her death – announced on Thursday that the government will freeze domestic energy bills at around £2,500 as part of a package to ease the cost-of-living crisis.

The guarantee on energy costs will be funded by increased borrowing after Truss rejected calls for a windfall tax on oil and gas producers.

Read more: Queen’s coffin to lie in state in keeping with historic tradition

Lewis apologised for the update. (Twitter)
Lewis apologised for the update. (Twitter)

But there has been uncertainty surrounding those who have already agreed to a fixed rate with their energy companies, meaning they could now end up paying more than the government subsidised rate.

Announcing the latest on the fixed rate tariffs, Lewis said: "I'm sorry to post about energy right now, but this is [an] important update, and may impact choices people are making right now. This is specifically about those on fixed tariffs. The info on the rules for fixes may be changing.

"1. The new 'price guarantee' will effectively work as a discount of the unit rates of the pre-planned 1 October price cap rate.

"2. I'm now hearing this per pound discount will also apply to all tariffs, including fixes.

"3. So, many fixes that currently look costliest than price guarantee will end up cheaper.

"4. Plus there may be an info reversal on the 'all can get out of a fixed tariff without exit penalties' which govt told me earlier. It may be up to firms. Be careful til I get confirmation."

Read more: King Charles to address nation in mourning

File photo dated 06/09/2022 of Queen Elizabeth II waiting in the Drawing Room before receiving Liz Truss for an audience at Balmoral, Scotland, where she invited the newly elected leader of the Conservative party to become Prime Minister and form a new government. The Queen died peacefully at Balmoral this afternoon, Buckingham Palace has announced. Issue date: Thursday September 8, 2022.
The Queen pictured in her final appearance before the cameras just two days before her death. (PA)

Acknowledging some of the comments that said the timing was wrong, Lewis said some people "can't afford to lose" the money by waiting.

He tweeted: "To those saying 'can't it wait until tomorrow'. Sadly not, I'm hearing of people trying to cancel fixes now, and this could cost them £100s or £1,000s they can't afford to lose. I felt it necessary to get the information out."

Before posting the update and as the news was made public, Lewis had paid tribute to the Queen.

He tweeted: "RIP your majesty. Sending best wishes to all who loved you. And ease to all those for whom this brings grief either directly, or indirectly through memories."

Watch: Public reacts to Queen's death outside Buckingham Palace