Martin Lewis urges Brits to do 1 thing now to 'save massively' on energy bills

has issued crucial advice to Brits to save money on their . The money-saving expert has urged consumers to "fix energy bills today", instead of staying on a variable rate. He warned of "global economic changes" to come, which could cause bills to soar in the future. During his live money show on ITV, the 53-year-old received an audience question regarding the .

The financial guru revealed the cap is set to be reduced in July, with the announcement expected this week. However, he is still advising those on a variable rate to switch over to a fixed rate following the volatile energy prices. During his show, Martin said that energy prices increased by a staggering 10% in October last year, which totals £1,700 annually. In January, this hiked up by a further 1%, and an additional 6.4% in April. This now equates to an eye-watering £1,800 for an average UK household.

Despite the price cap predicted to be reduced by 6-8%, bringing prices back down to an October level, they still remain high.

In total, this cut will save spenders £129 each year from July, data from energy consultants Cornwall Insight shows.

Even though the cap is set to be lowered, Martin said the cheapest fixed rate still stands at 18% below the current energy price. The finance guru is urging Brits to make the switch to get a favourable deal, ensuring the lower price stays fixed for the year.

He explained: "You might want to sit on the variable but you can save 18 percent instantly by going to a comparison site, your usage and region will depend how much it is, so make sure you are finding the right one for you."

he added: "If these predictions are right, fixing right now will save you massively compared to what is predicted to come, there could be some global economic change which would mean things could change massively."

Prices change depending on external variables such as weather patterns, gas, global conflict and tariffs.

He concluded: "If you fix right now you will be saving 18 percent today and you will very likely be undercutting whatever the price cap will be for the next year. Short answer, fix."