Martin Lewis has called for "political intervention" from the UK Government to help households across the country amid the worsening cost of living crisis.
Speaking on BBC One on Sunday, the financial guru made the comments when discussing the upcoming rise in energy bills after Ofgem announced that the energy price cap would rise to nearly £2,000.
As reported by Bristol Live, bills will increase by an average of £693 per year starting April.
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The sanctions placed on Russia by the UK Government following Vladimir Putin's invasion of Ukraine are predicted to increase prices even further later this year.
The energy price cap determines the limit of what gas and electricity companies can charge their customers per unit of energy.
On the BBC Sunday Morning show, Lewis spoke about the danger of the energy bill crisis, warning that millions of people across the UK risk being forced into fuel poverty.
He said: “If you look at the fact that just on energy alone, on a conservative estimate within one year, we’re talking £1,300 a year going up in bills. 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 oversubscribed.
“Debt crisis agencies do not have any tools. I need to say, as the money saving expert, I am virtually out of tools to help people now. It’s not something money management can fix. It’s not something for those on the lowest incomes, telling them to cut their belts won’t work.”
Directing his attention to Chancellor of the Exchequer Rishi Sunak, Lewis stated: “We need political intervention”.
Sunak was interviewed on the same program regarding the forthcoming Spending Review on March 23.
About whether the UK Government would introduce new support measures to help struggling households, he said: “I know how hard it is when you’re working hard and seeing the price of everything go up everyday, every week.
“The steps that we’ve taken to sanction Russia are not cost-free for us here at home and we’re going to be honest with people, it’s not going to be easy.
“I wish Government could solve absolutely every problem and I could fully protect people against the challenges that lie ahead. But, I can’t do that. What I would say is that I will stand by them in the same way that I have done over the past couple of years. People can see that.”
