Martin Lewis warns of ‘bleak winter’ ahead as he admits he can’t help struggling Brits

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Money Saving Expert’s Martin Lewis admitted he has ‘never felt more powerless to help people’ in his career after Rishi Sunak’s Spring budget announcement today

Martin Lewis has warned it will be a 'bleak winter' for struggling Brits
Martin Lewis has warned it will be a ‘bleak winter’ for struggling Brits

Money Saving Expert’s Martin Lewis has warned that Brits face a “bleak winter” this year and admitted he feels “more powerless than ever” to help struggling Brits.

The financial advice journalist appeared on Radio 5 Live following Rishi Sunak’s Spring Budget announcement, today March 23.

The chancellor promised an income tax cut by 2024, as he lowered the national insurance tax threshold and fuel duty.

But Martin Lewis warned that the measures were not enough to pull struggling families out of the red, as the cost of living crisis is only set to deepen.

Speaking to 5Live presenter Nihal Arthanayake he said: “It’s going to be a bleak winter for most people in terms of bills.

“What he (Sunak) has done today is not enough to stop that being bleak.”






Rishi Sunak announced a number of measures to save money but Martin Lewis said they were not enough to help many Brits struggling

Mr Arthanayake asked Mr Lewis if he had “ever felt more powerless” with his tools and money saving advice during his nearly 20-year career.

Mr Lewis replied: “No”, before adding: “The market is broken.

“What on earth are we meant to tell people and I know Citizens Advice feel the same way.

“There are many people… Put me in charge of their house and their budget and I could not balance their household finances.”

Although Mr Lewis admitted that Mr Sunak’s budget announcement included more measures to help people than he had expected, he added that it was “less than what I hoped for”.

After punching the numbers, the money expert suggested that those earning less than £35,000 a year would benefit from the lowered national insurance tax threshold, but explained those earning more would pay more too.

Many families across Britain have expressed their fears for April, when the cost of living is set to soar to ‘unaffordable’ levels for millions.

As well as increases in fuel prices, national insurance tax is set to rise by 1.25 per cent, and inflation has jumped to an all time high of 6.2 per cent.

But the big concern for many is the rise in energy bills, after the energy regulator Ofgem announced a hike in the bills price cap earlier this year.

Mr Lewis who was live tweeting throughout Rishi Sunak’s address to the House of Commons warned that many will see their bills increase by £1,300 year on year.







Mr Lewis” money saving expert career has spanned nearly 20 years
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Image:

Twitter)

He wrote: “If that’s all he’s doing on energy – it is limited and won’t impact the majority of households who will see a likely £1,300 average increase in year-on-year bills by October.

“My head has sunk. I just hope there’s a rabbit to come out of the hat.”

Mr Lewis joked that Mr Sunak’s promises were not a rabbit but a hamster – ie a lesser solution than he had hoped for when the chancellor said there would be a £500 million increase to the household support fund.

Mr Lewis described the local government fund as a pot of money to help those who are in “absolute crisis” financially.

But he highlighted that £500 million is “not that much” compared to other schemes Mr Sunak has announced to combat rising energy bills.

He explained the £200 loan homeowners can claim to help with their energy bills in October, combined with an £150 reduction in council tax bills for houses bands AD will cost the government £9 billion.

He said: “We need to put it in context £500 million pounds sounds a lot of money but just to put that in the balance, the two energy measures of saving people – putting £150 reduction in council tax and then the £200 ‘ loan not loan’ scheme coming in October that was £9 billion

“We have to have very big numbers when we are talking about the cost of energy at the moment.”

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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