March 28, 2023

How to beat April's 17% mobile and 14% broadband price hikes

56 minutes

Founder of Money Saving Expert, Martin Lewis joins BBC Radio 5 Live’s Nihal Arthanayake to answer your questions – including what to consider when weighing up a large loan vs re-mortgaging.

The cost of living rose more than expected last month as salad and vegetable shortages helped push up food prices at the fastest rate in 45 years. Alcohol prices in restaurants and pubs also drove up costs for households, as inflation jumped to 10.4% in the year to February from 10.1% in January. Clothing costs, particularly for children and women, rose last month but fuel prices continued to fall.

Most broadband firms' contracts allow them to increase prices a few per cent above inflation even if you're mid-contract. This would increase a typical £40 bill to almost £46 a month. Yet millions of people are out of contract and free to leave their contract. Just like broadband, most mobile firms' contracts allow them to increase prices a few per cent above inflation even if you're mid-contract, which again means that millions are facing rises of up to 17.3% this April. There's little you can do mid-contract. But if your not and you're happy with your handset, you can save £100s with a cheap Sim.

The Energy Price Guarantee currently sets the price almost everyone pays for their energy. It’s a state-subsidised discount off the price cap rates which currently keeps a typical household bill at £2,500/year. However, there will still be a rise for everyone in April as the Government’s £66/£67 a month energy support is ending. And what you actually pay will depend on your usage, where you live and your payment method. Martin shares the average standing charges and unit rates for gas and electricity.

Elsewhere in the podcast, you Tell Us how your food shopping habits have been impacted by price increases. Have you changed the way you buy food? The sort of food you buy? Plus Nihal takes on Martin’s Money Mastermind and is quizzed on ways to pay for energy.

Producer: Isabelle Tudor

...more

View all episodes

By BBC Radio 5 Live