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00:58
Martin Lewis explains why energy bills will stay high despite gas price drop-off
Financial journalist Martin Lewis has addressed whether the recent drop in wholesale gas prices could have an effect on energy bills amid the cost of living crisis.
His comments came as Jacob Rees-Mogg announced an energy bill cap for businesses.
“We’re on a price guarantee rate which locks in prices for two years from 1 October. That is cheaper than the old price cap would have been,” Mr Lewis said.
“Looking at the wholesale gas rates isn’t going to give you anything now, the rate we have is locked in pretty much for the next two years.”
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