The money expert has reached breaking point…
Money expert Martin Lewis has made an impassioned plea to the new Prime Minister to act on the colossal energy price cap rises when they come into power – saying people will die this winter because of the spikes.
Martin joined Good Morning Britain hosts Kate Garraway and Adil Ray after today’s announcement that the energy price rise will leap 80 per cent from £1,971 to £3,549 on 1st October.
“I hope and I pray, whomever our new Prime Minister is, they have the will to do something because if they don’t, people will die this winter due to these energy price hikes,” he said.
“What we need to hear is concrete solutions. It will involve spending substantial amounts. We have to hope that will be in place on 6th September.”
Of today’s price rise, he explained, “This is not unforeseen. To get to the day of the announcement without a package in place is devastating… the panic and desperation [from the public] is just awful.
“I’ve been accused of catastrophizing this situation, and the reason I’ve done that is because this is a genuine, social and financial catastrophe that is putting lives at risk. It should have been done far earlier.
“I first said that we’d see an October price cap over £3,000 on my show back in March. So while this is shocking, it is far from surprising and we need urgent further government intervention.”
He explained the price cap was a guide, with many households paying more. Martin said: “You could easily be paying £5,000 or £10,000 a year if you have high usage.
“I worry terribly for some of those who have disabled children or disabilities themselves who need lots of electrical equipment to keep their houses warm, because of medical conditions.
“The prediction now, in January, I don’t really want to say it, but the prediction now in January is up another 51% on top of where we are now. That would take a typical bill on direct debit to £5,386 a year – that is not such a crystal ball prediction because we are seven months through the 10 month assessment period for the January price cap… it is totally unaffordable.
“The help that has been given so far is a drop in the ocean, so what deeply frustrates me here… is this not unforeseen and to get to the day of the announcement without having a firm package in place is devastating for many vulnerable people who already have mental health problems.
“I chair the money and Mental Health Policy Institute charity, the panic and desperation across the country I am seeing in my email bag is just awful.”
Martin will join host Susanna Reid on GMB in September for Martin’s Monday Mondays from Monday 5th September. Good Morning Britain airs weekdays from 6am on ITV.
