Money-saving expert Martin Lewis says he ‘lacks the tools’ to help people save money

Money Saving Expert founder Martin Lewis has said he no longer has any ideas on how people can save money to cope with a massive increase in cost of living.

Mr Lewis, known for provide financial tips and trickstold the BBC’s Sunday morning that there is not much he can do to help people struggling to cope with a huge increase in energy bills.

He said: “Just on energy alone, on a conservative estimate within a year, we are talking about £ 1,300 in bills rising (to October).

“We’re going to have about ten million people in fuel poverty. We have a real, absolute poverty problem that will come in the UK, with food banks oversubscribed and debt crisis agencies having no tools.

“I have to say that as the money saving expert who has been known for this, I lack the tools to help people now.

“It’s not something money management can fix, it’s not something that for those with the lowest incomes who tell them to cut their belts will work, we need political intervention.”

He said: “I’ve been a Money Saving Expert since 2000 … I’ve been through the financial crash, I’ve been through Covid. This is the worst thing we’re in right now.

“I read messages from people who say that money prioritization used to be, do I go to the hairdresser or do I go to pubs? Now it’s about me prioritizing feeding my kids rather than feeding myself.

“It is simply not sustainable in our society. There is absolute panic and it has not started yet. “

However, Chancellor Rishi Sunak said the public should not be “afraid” of rising energy prices.

Asked on Sunday morning whether he was prepared to step in to offer more energy support, said: “Of course I am, and people can judge me by my actions over the last two years.

More about Energy price ceiling

“Where we have been able to make a difference, I have tried to make it.”

Told that the energy price cap was likely to rise significantly in October, Mr Sunak said: “We do not know and I do not want people to be scared.

“What we have is a price cap that will protect people right up until the fall. We have acted now to help them with the increase that will come in April – the situation is obviously very unstable in Ukraine. “

He said it was “too early to speculate” on what could happen to the price cap in October.

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