Martin Lewis has appeared on ITV's Lorraine to give a sobering warning amid the energy price cap announcement.
Earlier this morning, it was revealed that Ofgem will rise the price cap by 80 per cent, pushing the average yearly energy bill to £3549. This comes as inflation hits a record high of 10.1 per cent and millions are expected to fall into fuel poverty.
While cost of living payments are being issued and a £400 energy discount is being supplied to every household, financial journalist Martin Lewis has warned that this is not enough as the price cap will jump again in January.
READ MORE- Energy price cap hiked to more than 80% to £3,549 from October 1 as costs soar
Speaking to Christine Lampard, Martin warned that there will 'be deaths' due to the rising energy costs. He warned that while the recent announcement will be hard for many, the price cap is expected to jump again in January to a heart-wrenching £5,386.71 and a mammoth £6,616.37 in April, according to Cornwall Insight.
On Lorraine he said that he said that he "hopes, prays that the Government puts more help in place". The Tory leadership race is still ongoing and Martin is urging either Rishi Sunak or Liz Truss, whoever gets the seat, to announce plans to help households 'on day one' of their new job as Prime Minister.
He said: To have this announcement come today without having the help in place... is frankly irresponsible.'
"This needs to be done on day one." He added: "There will be deaths due to this, this winter".
Regarding the price cap, A Government spokesperson said: “We know people are incredibly worried about rising energy bills, following unprecedented gas prices across the continent driven by global events, including Putin’s aggression in Ukraine and his weaponisation of energy in Europe.
“Direct support will continue to reach people’s pockets in the weeks and months ahead, targeted at those who need it most like low-incomes households, pensioners and those with disabilities. As part of our £37 billion package of help for households, one in four of all UK households will see £1,200 extra support, provided in instalments across the year, and everyone will receive a £400 discount on their energy bills over winter.
“The civil service is also making the appropriate preparations in order to ensure that any additional support or commitments on cost of living can be delivered as quickly as possible when the new Prime Minister is in place.”
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