Martin Lewis has explained how much energy prices could drop by after the price cap comes into effect on Saturday, 1 July.

Speaking on Good Morning Britain, the MoneySavingExpert founder explained that the price cap is dropping by 17 per cent, with electricity dropping approximately 10 per cent and gas dropping around 25 per cent.

Ofgem, the energy regulator, has said that the cap is not on overall bills - which will rise and fall in line with energy consumption - but it is on a unit of gas and electricity with standing charges taken into account.