The cost of living is going up as we all know and as a result of inflation rates increasing, people have noticed that their shopping and energy bills are going up, amongst many other things.
Because of this, people have been trying to cut down their costs, whether it's not going out as often or not buying as much during the weekly food shop.
But now Martin Lewis has hit out, branding the situation sickening, pondering the question of whether we will need "warm banks," the equivalent of food banks, this winter.
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It comes as the Money Saving Expert founder said he felt "sick" writing a tweet revealing the latest price cap predictions. Looking into the latest statistics, Martin Lewis issued a statement on what he thought would happen.
He tweeted: "I feel sick writing this! I've just got the latest price cap predictions from @CornwallInsight. A huge spike in the key year-ahead wholesale price means:
- OCT cap prediction UP 64% (so £3,244/yr on typical bills)
- JAN cap prediction UP 4% (so £3,363/yr)
"It's horrendous. Especially as we're now near the end of the assessment period that sets Oct's cap, so this is the right ball park. The Oct prediction is now £450/yr HIGHER than Ofgem mooted in May & that was what Sunak based the £400-£1,200/yr help on. More will be needed!"
The price cap, which sets a limit on the rates a supplier can charge for each unit of gas and electricity you use, is currently set at £1,971 and covers 22 million households across the UK.
However in another post, the financial expert tweeted he 'couldn't believe' what he was writing.
He said: "Can't believe I'm writing this, but I wonder if this winter well need 'warm banks' the equivalent of 'food banks' where people who can't afford heating are invited to spend their days at no cost with heating (eg libraries, public buildings)?"
Many people rushed to his support, calling for it to be a thing, with one saying councils were discussing the idea.
According to the Mirror, Dr Craig Lowrey, principal consultant at Cornwall Insight, previously said: "There is always some hope the market will stabilise and retreat in time for the setting of the January [price] cap.
“However, with the announcement of the October cap only a month away, the high wholesale prices are already being baked into the figure, with little hope of relief from the predicted high energy bills."
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