Martin Lewis on what to do if you are on fixed energy contract | Personal Finance | Finance

With new prime minister Liz Truss widely expected to announce she is freezing the energy price cap at £2,500 later today, many people on fixed contracts are wondering what they should do. Yesterday, September 7, on ITV’s This Morning, Money Saving Expert Martin Lewis offered his advice on what viewers should do if they are on a fixed energy bill ahead of the announcement, reports Birmingham Live.

While speaking to Holly Willoughby and Phillip Schofield, Martin was asked a question by a viewer called Sandra.

Sandra wanted to know where she stands if Liz Truss announces a price cap freeze today, September 8.

Martin said: said: “The honest answer is I don’t know. I think you’ll get out with exit penalties – but I’ll be lobbying for anybody who has fixed to be able to switch to standard tariffs without exit penalties.”

“We are in rumour territory as it stands. I can’t give you a firm answer.”

He told Holly and Phillip: “I’d probably sit on your hands for a day or two and wait to see what the announcement is.”

He added: “I think we’re going to get the most radical shift in energy policy.

“The latest I’ve heard is that they’re going to freeze it for someone on typical use at around £2,500.

“But people will still get the £400 discount that was promised this winter taking it to £2,100.”

“I breathed a sigh of relief that there was a political will to do something.

“People will argue over the mechanism, but we needed something doing and I hope we hear something tomorrow (September 8).”

Liz Truss is expected to announce her plans for the sky-rocketing energy bills at 11.30am in the House of Commons.