Martin Lewis has revealed that he believes more ‘help’ from the government will be ‘targeted at those on lowest incomes’ through the cost of living crisis. Martin, speaking on a special live money saving show, said he spoke directly to the Chancellor this week.
Taking on the cost of living crisis with his money saving kit, the budgeting guru said he has discussed the ongoing cost of living crisis with Rishi Sunak. And as he told the audience more about his interaction, he said he believed the government is prepared to go further.
In recent weeks, there have been calls — even from within the Conservative Party — for ministers to put a plan in place to help poorer households tackle rising bills.
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And, speaking on the day Ofgem announced the energy price cap will rise to around £2,800 annually from October, Martin detailed more of those discussions. He said: “I was on the phone to the Chancellor yesterday. I was pushing very hard because I am worried about people making the choice between freezing and starving.
“They are absolutely aware of those difficulties. .£165bn of extra savings were built in the pandemic, and the truth is, it's raining. People who have savings are expected to use it.
"My concern is for those that don't have the resilience. I think help is needed. I think there will certainly be more coming, I don't know how big it will be. It will be targeted at those on lowest incomes.
“It is not about saying this will be done later in the year. There is panic. Some forward guidance will make many in the nation take a sigh of relief.”
Earlier in the show, Martin advised those trying to switch energy provider that they should aim to find a tariff that is around 30 percent higher than their current premium. He explained: “The cap will go up 42 percent. Even then the new price cap is going to be [in place] for three months but we are expecting the next price cap to be the same.
“Then it might go down. If you can find a fixed rate 30 percent below it, it might work. We are seeing existing customer fixes. I believe there an Eon two-year fix and a British Gas fix that are within the 30 percent.
“If you find one and it is less than 30 percent than you pay now, you might want to look at it.”
