Spring budget: Money-saving expert Martin Lewis says thank you with an energy price increase guarantee to stay

The announcement came Wednesday ahead of Chancellor Jeremy Hunt’s spring budget.

The measure will save millions of families £160 on their gas and electricity bills, according to the Treasury.

Fans of money saving expert Martin Lewis have now taken to social media to thank him for his efforts in highlighting the impact the surge would have on families and households.

In response to a post in which Mr Lewis announced the news, Simon Oliver wrote: “Absolutely fantastic news Martin – thanks to your continued work, millions may be able to survive the spring without going into further debt or falling below the poverty line. Legend.”

Leanne Sewell added: “Thank you for all your hard work helping those most vulnerable. Impressively!”

Bob Luck wrote: “Well done sir. They are a good example of how we should all question the work of government and how it affects our lives. Your observations and advice are welcomed. Thank you very much.”

Others were quick to point out that despite the move, many households will soon be worse off when the government’s winter energy support ends in April – marking the end of the scheme, which has seen each household contribute around £67 a month to their bills .

Michael Crowther replied to Mr Lewis: “Yes, well done for that. But I wish you would also point out that people like me are worse off at 67 pounds a month. My finances will deteriorate significantly.”

Meanwhile, another Twitter user, known only as Dave F, wrote: “People may still not know that their bills will effectively increase by £67 a month from April as government payments to households stop what is becoming seems to be overlooked in many reports.”

Mr Hunt revealed the EPG will not rise as planned in April after gas costs fell sharply, ahead of his 2023 budget, which is due to be handed to MPs in the House of Commons around 12.30pm.

This means average bills will be capped at £2,500 a month by June, rather than rising to £3,000 next month as planned.

The Treasury’s U-turn is expected to cost the government around £3billion.

The Chancellor’s “growth budget” is also to include announcements on childcare, benefit reform and pension supplements.

Read our full live coverage of the budget announcement here.