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Liverpool Echo
Liverpool Echo
World
Lottie Gibbons

Martin Lewis shares who will feel 'biggest squeeze' next year

Martin Lewis said middle earners are going to feel the biggest squeeze in light of Chancellor Jeremy Hunt's Budget.

Jeremy Hunt set out his plans for £55 billion of tax hikes and spending cuts on Thursday against the backdrop of a bleak set of economic forecasts.

It said that rampaging inflation as a result of the energy price shock meant living standards are set to fall by 7% over the next two years - taking them back to where they were in 2014.

READ MORE: Eight key announcements from Autumn Statement including new cost of living payments and benefit change

Speaking to LBC Radio on Friday, Money-saving expert Mr Lewis said: "I was relatively relieved that we saw the uplifting of those who are the poorest in society."

But he added: "Clearly the people who bare the brunt on this, we're going to have a squeezed middle." Mr Lewis explained that people in the middle will receive £400 in energy payments this year but not next year, meaning they will see a rise of around 41% on energy bills that have already doubled this year.

He said: "That is just an enormous whack. That is why it's people in the middle who are really going to feel the squeeze."

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