Martin Lewis warned of a "catastrophic" price hike expected in October with a further increase in January - but said there is a relief grant on the way.
Martin Lewis joined the This Morning couch to deliver a grim warning that the cost of living crisis is set to get worse. As energy bills are expected to skyrocket, the Money Saving Expert offered a form of relief for those unable to manage in the form of a rebate.
The government has offered a relief fund to help battle the energy crisis which would see millions across the UK receive a grant of £400. Explaining how it worked, he said: "How will the £400 energy rebate work means everybody's bill will be reduced by £400 in October.
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"So what you'd expect to see in October is your bill will be cut but I just want to put this in perspective. In May, we thought somebody on typical use would be £4,800, so the £400 help people will be given will have just been swallowed up in the prediction for the price cap in October and more help is needed. I'm genuinely worried about the number of lives that will be lost in this country."
He added: "The £650 for those on benefits and the £150 for people on disabilities... The reason for giving that £400 is so you can target those on the lowest incomes but those on higher incomes are like 'How can I afford this?' too. Rishi is leaving out a huge demographic of people that still need help."
The rebate help comes just after he warned of a "catastrophic" future that will "cost lives" as the energy cap is predicted to rise 65% in October, taking typical bills to a horrific £3,240 a year, then rising again in January. The example he gave was those paying £50 now will pay £85 in October, those paying £150 now will pay £250, and those paying £200 now, will see a hike to £330.
Martin added: "The latest prediction for October is up 65% from where we are now, taking a typical bill to £3244. It will then rise again by 4% in January to £3,300 and probably start to drop but only by 5% next April.
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