Martin Lewis praises budget day announcement but some bills will still rise from April 1

The financial advisor, known to many households in the UK as the money saving expert and saviour of sanity, Martin Lewis, has delivered his verdict on the UK Government budget.

While things don't look as bleak as they could, with the 20% rise in the Energy Price Guarantee being postponed, some bills will still rise from 1 April 2023.

Martin detailed on his MoneySavingExpert website his thoughts on what has been announced today (15 March) by the Tories: "A month ago, I wrote to the Chancellor asking him to postpone the 20% rise in the Energy Price Guarantee. That letter was supported by 131 major charities including Which?, National Energy Action, Citizens Advice, Alzheimer’s Society and more – plus Energy UK, the energy industry trade body. 

"I’d like to thank the Chancellor for listening. The rise – which would likely only have lasted three months – would have caused disproportionate harm financially and, with more 'price rise' letters, to people’s mental health."Of course, this doesn’t mean bills will get cheaper. In April we see the end of the winter energy support – the £66/£67 a month everyone has received to lower their bills. So in practical terms people are still going to pay more than they have been, but at least some of the planned rise has been forestalled.

"Now we have to hope that the current predictions come true, that from July, the current wholesale prices will mean the price cap drops, and therefore bills fall by 19% – a welcome relief to millions."

The Conservative Government have defended the rises and there were huge cheers from Tory backbenchers when the Chancellor, Jeremy Hunt, announced that Britain will not enter a recession, as had been feared.

The Labour opposition jeered as Hunt said they were following a plan and "the plan is working".

Hunt said in the House of Commons during the budget announcement: "High energy bills are one of the biggest worries for families, which is why we’re maintaining the Energy Price Guarantee at its current level. With energy bills set to fall from July onwards, this temporary change will bridge the gap and ease the pressure on families, while also helping to lower inflation too."

If you are struggling with finances, you can get free financial advice on MoneySavingExpert.com and also through CitizensAdvice.org.uk.