Money Saving Expert demands action from Chancellor to protect consumers
Martin Lewis, the renowned Money Saving Expert, has once again called for a ban on above inflation mid-contract price hikes by mobile and broadband firms. During ITV's The Martin Lewis Money Show Live, he presented the issue to Chancellor Jeremy Hunt, urging him to take action to protect both consumers and the economy.
Concerns over rising prices
Martin Lewis highlighted that mobile and broadband firms are raising prices by 3 to 4 per cent above inflation during customers' contracts. This has resulted in significant price increases, with last year seeing rises of 17 per cent. Lewis predicts that this year's increase, expected in April, will be around 7 per cent. These hikes not only negatively impact consumers but also contribute to inflation.
Call for a ban
Martin Lewis directly challenged the Chancellor, asking why these price hikes couldn't simply be banned. He urged Hunt to take action and put an end to these unfair practices. The Chancellor responded by expressing his willingness to investigate the issue further and involve the Competition and Markets Authority, an independent body that examines such matters.
Getting involved
Martin Lewis encouraged viewers to join the conversation by reaching out to him through social media or email, using the hashtag #MartinLewis or [email protected]. This allows individuals to share their experiences and provide evidence to support the case against mid-contract price hikes.
Concerns raised by Which?
This call for a ban comes after consumer group Which? warned that broadband customers could end up paying £150 more than expected due to unpredictable mid-contract price rises in 2024. The organization analyzed price hikes from top providers on 18 and 24-month deals, revealing potential increases of up to £147.43 for BT and EE customers, and £122.38 for Vodafone customers, among others.
Fairness and transparency
Which? argues that it is unfair for consumers to be locked into contracts that do not provide clarity on future costs, only to face exit fees if they choose to leave early. The organization believes that customers should have certainty about their expected expenses throughout the duration of their contracts.
Did you miss our previous article…
https://hellofaread.com/money/connswater-shopping-centre-in-belfast-struggles-as-shops-close-and-sports-direct-shutters-its-doors/
