Martin Lewis warns panicking Brits to do nothing over hideous £500 gas hike

Martin Lewis has told panicking Brits to "do nothing" and stay on their standard energy tariff while wholesale gas prices skyrocket and companies go bust.

The finance wizard was back on the Martin Lewis Money Show on ITV on Thursday and said it is too late to get on a cheap fix now.

You're better off on the current standard variable rate which is protected by the price cap until April next year when it is predicted to go up significantly.

At the moment, Martin says the cheapest fix offered by an energy company is about £30 a week more than the standard variable rate.

"Do nothing and go onto to the price cap," he says.

Giving advice to a worried ITV viewer who was coming to the end of their energy contract with a company, The GMB and This Morning star added: "Assuming nothing radically changes, do nothing.

"You'll come to the end of your fix, go onto the default rate, that's the price cap, there is nothing cheaper.

"I know it's strange to hear me saying this, the guy who has been telling you to switch in all different genres for years, do nothing!"

Martin said the average household will pay £500 more under the "hideous" cost increases.

If your energy supplier goes bust, you don't have to do anything and Ofgem will arrange for you to be moved to another provider and you would keep any credit you had.

This comes after Martin vowed to wear a dress to get more attention after his co-host Angelica "stole the show".

The founder previously explained six ways you might save £1,000 by Christmas – from tax reclaims to great deals.

Are you going to be badly affected by the energy price hike? Let us know in the comments below

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