MONEY-SAVING expert Martin Lewis has said he is “virtually out of tools” to help people deal with the cost of living crisis and called for immediate “political intervention”.
Speaking on the BBC’s Sunday Morning show, Lewis set out that even the financial crash of 2008 and the impact of the pandemic were nowhere near as bad as the issues facing households now as energy prices skyrocket.
Ahead of Chancellor Rishi Sunak making an appearance on the show, Lewis called for political intervention and warned that households would not be able to survive without it.
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Pointing out that conservative estimates of household energy prices were still at £1300 per year, he explained: “We're going to have about 10 million people in fuel poverty. We have a real absolute, not relative, poverty issue going to come in the UK.
“With food banks over subscribed and with debt crisis agencies not having any tools.
“And I need to say with the Chancellor coming on in a moment, forgive me, as the money saving expert who has been known for this - I am virtually out of tools to help people now.
“It's not something money management can fix. It's not something for those of the lowest incomes telling them to cut their belts will work.
“We need political intervention.”
Lewis (above) added that the current issues facing households were the most difficult he had seen in the long time.
He added: “I've been through the financial crash, I've been through COVID which was mitigated by some of the measures the Chancellor put in place - this is the worst.
“Where we are right now - this is the worst.
“When I'm reading messages from people telling me that, you know, money prioritisation used to be - do I go to the hairdresser's or do I go to the pub and have a takeaway?
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“Now it's about I'm prioritising feeding my children over feeding myself.
“That is simply not tenable in our society, and there is absolute panic and it has not started yet.”
Lewis added that bills are expected to go up by a staggering 54% in April.
It comes as Chancellor Sunak (above) said he recognised it was “not going to be easy” for households amid rising cost of living pressures and vowed to “stand by them”.
Sunak said: “Without question, this is people’s number one priority – I get that, and I know how difficult it is when you are working hard and seeing the price of everything go up every day, every week.
“And the steps we have taken to sanction Russia are not cost-free for us here at home, and I want to be honest with people that it is not going to be easy.
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“I wish Government could solve absolutely every problem and that I could fully protect people against the challenges that lie ahead, but I can’t do that.
“But what I would say is that I will stand by them in the same way that I have done in the past couple of years.
“Where we can make a difference, of course we will.”
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