Financial guru Martin Lewis has issued a 'tragic' warning as energy bills are expected to jump again in October and in January.
It was forecasted by Cornwall Insight that in October, the energy price cap will rise 81 per cent, pushing the average yearly bill to £3,582 and then another increase of 19 per cent to a staggering £4,200 at the start of 2023.
This comes as Ofgem announced it will change the price cap every three months rather than six to reflect the fluctuating prices and they say it will stop households receiving surprising bills.
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The money saving expert is urging 'action and planning' is needed now while slamming the 'zombie government', pushing them to intervene before September 5. The UK Government is currently in recess.
Martin has warned that these prices are unaffordable for millions as 'people's livelihoods, mental wellbeing & in some cases very lives depend on this'. Although he taking a summer break from work, he took to Twitter as a matter of urgency.
Martin said: "Tragic news The latest @CornwallInsight prediction, based on Ofgem's new methodology, is an 81 per cent price cap rise in Oct (taking typical bill to £3,582/yr) and a further 19 per cent in Jan (so £4,266/yr). Action and planning is needed now. The zombie govt needs wake up sooner than 5 Sept.
"These amounts are unaffordable for millions. The Jan figure equates to 45 per cent of the full new state pension, and a higher proportion of the old one. The rise alone on the Jan prediction, from when the help was first announced in May, is roughly £1,400/yr.
"That rise alone swallows up not just £400 help for all homes,but even the £1,200 for the poorest. This will leave many destitute. Tax cuts won't help poorest including many elderly and disabled who've higher usage. Cutting green levy would be just tiny sticking plaster on a gaping wound.
"The leadership debate must not ignore this portentous national cataclysm any more.
"They can't say they weren't warned. The excuse "we need to wait for Ofgem figure" doesn't wash. In May Government asked Ofgem for forward guidance & made plans based on that. It can do the same now."
He went on: "An action plan is needed TODAY."
"They are all in the same party, let's call on them to come together for the good of the nation rather than personal point scoring. People's livelihoods, mental wellbeing and in some cases very lives depend on this.
"This is desperate."
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