Money Saving Expert founder Martin Lewis has said he has run out of ideas on how people can save money to cope with the massive rise in the cost of living.
Mr Lewis, known for giving financial tips and tricks, told the BBC: Sunday morning that there’s little he can do to help people struggling with huge increases in energy bills.
He said: “In energy alone, on a conservative estimate within a year, we are talking about an increase in bills of £1,300 (by October).
“We will have about ten million people in fuel poverty. We have a real, absolute poverty problem in the UK, with oversubscribed food banks and debt crisis bureaus having no tools.
“I have to say that, as the money-saving expert known for this, I’m out of resources to help people.
“It’s not something that money management can solve. It’s not something that will work for those on the lowest incomes who tell them to cut their belts. We need political intervention.”
He said: “I’ve been the money-saving expert since 2000… I’ve been through the financial crash, I’ve been through Covid. This is the worst where we are now.
“I read messages from people who say that money was a priority in the past: do I go to the hairdresser or do I go to the pub? Now the point is, I prioritize feeding my children over feeding myself.
“That is simply not sustainable in our society. There is absolutely panic and it hasn’t started yet.”
However, Chancellor Rishi Sunak said the public should not be “afraid” of rising energy prices.
Requested on Sunday morning Whether he was willing to step in to provide more support in the energy field, Mr Sunak said: “Of course I am, and people can judge me by my actions over the past two years.
“Where we have been able to make a difference, I have tried.”
Mr Sunak said the energy price ceiling was likely to rise significantly in October: “We don’t know and I don’t want people to be scared.
“What we have is a price cap that will protect people until the fall. We have now taken action to help them with the increase coming in, in April – the situation is clearly very volatile in Ukraine.”
He said it was “too early to speculate” about what might happen to the October price cap.