Martin Lewis says energy price cap is a ‘pants cap’

The consumer champion Martin Lewis has said that the energy price cap should be called the energy “pants cap” because there are much cheaper energy deals available.The cap is adjusted every quarter by Ofgem, the energy regulator for Great Britain, and imposes a maximum on how much suppliers can charge customers for each unit of gas and electricity. On Tuesday it increased by nearly £150 to the equivalent of £1,717 a year for an average dual-fuel household paying by direct debit.As the new rate kicks in, the founder of the Money Saving Expert website sounded a call to action, telling consumers that you are “ripping yourself off” if you stay on the default tariff. “Nobody should be on the price cap but 85% of people are,” he said, urging consumers to head to a price comparison website to find a better deal.Under the new cap, the average annual energy bill is poised to rise by £149, or 10%, from its current level of £1,568, which has been in place since July. However…