Chris Shaw, CEO at Utility Bidder explained the the new Prime Minister, Liz Truss, announced last week that as of October, energy bills for typical households will be capped at £2,500, “instead of over £3,000 which has been causing financial anxiety across the UK”.

He continued: “Although a price cap of £2,500 is still an extortionate amount it will have a small impact on families who are on variable tariffs, but the price cap won’t affect everyone, especially homeowners who are on a fixed tariff.

“If you have agreed to a fixed tariff with your energy supplier then you will pay the same cost each month until your tariff expires.

“Although some people are paying more on a fixed rate, this does mean that you know exactly what is coming out of your bank account each month and it won’t go any higher than the agreed figure, until your tariff expires. So in short, any homeowners who are currently on a fixed rate won’t see their energy bills increase.”