Martin Lewis makes UK energy price forecast if | European Markets

Martin Lewis has examined the attainable affect on UK vitality costs of a peace deal in Ukraine. US president Donald Trump is making an attempt to secure peace within the war-ravaged nation three years after Russia invaded in 2022.

Talks have been held just lately between senior American and Russian international coverage figures. Volodymyr Zelensky, the Ukrainian chief, discovered himself on the centre of a public spat with Trump final week during a press briefing on the White Home.

Speak of peace remains to be at a very early stage, with American plans obscure and Russian commitments unclear. Ukraine is set to get US security ensures however Trump is lukewarm on offering a lot help – as was clear from the White Home row.

But when a deal may be reached, there will likely be implications far past the Ukrainian borders. And money specialist Martin Lewis explored this subject when he appeared this week on ITV show This Morning.

He mentioned that a peace deal may result in a drop in vitality costs right here within the UK. And he made the feedback as he mentioned the vitality price cap, which goes up 6.4% on April 1.

Chatting with co-hosts Ben Shephard and Cat Deeley, he raised the subject of Ukraine as he mentioned the case of a single mum who’s on the bottom British Fuel tariff till the twenty sixth of Might, however is contemplating a change.

He mentioned: “We talked last week about [how] the energy price cap is going up 6.4% on the 1st of April.

“Many people suppose that fixed charges go up as nicely. They do not.

“Just [to] be slightly complicated… The energy price cap is set on past wholesale rates.

“The April vitality price cap is set on wholesale charges between the center of November and the center of February. They went up so it is gone up.

“What the rate you can fix at is based on the rate that energy providers can currently buy in energy for the next year. Now that doesn’ t move in sync with the price cap.

“I can’t inform you what the scenario could also be in Might. Look, you realize, if there’s peace in Ukraine and Russian gasoline provides are turned back on, vitality costs will likely be a lot decrease then.

“You will be able to fix at a much lower price than it is now. If the opposite and it looks like we are going to continue to be entrenched in that Ukraine situation, then energy prices – or Russian supply isn’t back on – energy prices will be higher.

“So I am unable to inform you what the scenario will likely be in Might as a result of it’s merely an unknowable. However I can say the chances are, proper now, I’d suspect your repair could be very low-cost so that you most likely need to keep it operating as long as you probably can.”

On the same show, he also advised viewers about a rule that comes into force with 50 days to go before a fixed deal ends.

The MoneySavingExpert website founder spoke after a question from Mandy, a single widowed mum on Universal Credit.

Her full question said: “I’m presently locked into the bottom British Fuel tariff till the twenty sixth of Might, however I’m not sure why that’s the date as a result of I locked in final April.

“I can’t seem to change until the 26th without breaking the contract and incurring a £75 fee.

“What’s my best option? I take advantage of little or no vitality as I’m a single widowed mother or father of two younger kids. I’m additionally in receipt of Common Credit score.”

Martin said in response: “Nicely, when you fixed simply over a yr in the past, you might be most likely on a low-cost fee proper now so you do not need to do very a lot.

“You ask why the fix is… most fixes with British Gas… tends not to do a year, it tends to have a fix available that is available to a set date. That is normally a year-ish, so sometimes it’s 13 months, sometimes its 13 and a half, depending on when you get it before it launches a new one.”

Then he turned to his message that he wished everybody to take word of. He mentioned: “Now the first thing everybody needs to know, so note this down everyone, if you are on a fix, within the last 50 days of your fix – so that literally means day 49 , day 48, 47, 46 – you are free to move and they cannot charge you early exit penalty.

“Early exit penalties can’t be charged within the final 50 days of your repair. So it isnt fairly a case of it’s a must to wait till the twenty sixth of Might.

“You have to wait until, if you don’t wanna pay an early exit penalty, you can wait to 49 days before the 26th of May, which is probably, what, the beginning of April. Having said that, I would suspect that you are on the cheapest fix at the moment.”