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Martin Lewis: Electricity costs drop 4.8% as VAT is scrapped on fixed tariffs

Martin Lewis: Electricity costs drop 4.8% as VAT is scrapped on fixed tariffs
Fixed electricity costs fall with VAT cut

Martin Lewis, founder and finance commentator at MoneySavingExpert, highlights changes in U.K. electricity tariffs. According to Lewis, those on fixed energy deals will see their electricity costs fall by 4.8% due to the removal of VAT on electricity.

Meanwhile, the standard price-capped tariff rate will increase by an average of 3.2%, which would have been 6.2% without the VAT cut. Lewis also points out that the cap is predicted to rise by 21% more in January, making fixed tariffs a safer bet for many consumers.

Lewis previously warned that the energy price cap could rise 18% in January as U.K. wholesale rates hit a three-year high, according to an earlier forecast. In addition to tariffs, he has sought public questions on energy bills and summer finance topics through his podcast. These communications follow ongoing attention to household energy costs.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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