Martin Lewis has shared a glaring problem with a rumoured energy price cap freeze.
The finance guru has been keeping his many followers up-to-date with the latest news as the cost of living crisis worsens. Mr Lewis is known for his switching and money-saving tips, but recent events have left even him at a loss at how to help people.
The Money Saving Expert founder took to Twitter on Tuesday to let his many followers know what a potential price cap freeze would mean for people - both those on a fixed rate and those on the cap.
READ MORE: Martin Lewis shares way to 'beat system' ahead of skyrocketing energy bills
Part of his analysis pointed out a huge problem in the idea. Mr Lewis said: "The big benefit, and problem, of this is (almost) everyone gets it. In past conversations with Rishi Sunak when he was Chancellor, he recognised both practically and politically that while you had to focus help on the poorest and most vulnerable, in doing so, some on low to middle incomes would feel they had unfairly missed out.
"That is even more so now, with cost rises so large, many middle earners will find it hard to manage. By freezing the cap you spread the help net very wide. However that means the benefit goes to every bill payer, including wealthy people (yes, like me).
"And those who gain the most from it in cash terms will be those with the highest people (many, though not all, will be at higher income levels), so clearly it isn't targeted at helping those who need it most."
Many Twitter users were quick to respond to Mr Lewis' tweet. Moeed Ali said: "What a palaver ….from reducing to freezing … people can’t afford this level hence the outcry… but this Tory party won’t listen … is she for real ????"
Neil Williams said: "Aren't they proposing a freeze at 2500?. Still more than what some can afford. Appreciate it's less than October", while Michael Wright said: "It's like they think they are doing us a favour".
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