Financial champion Martin Lewis has warned of a cost of living 'emergency' as energy prices are set to rise by 64 per cent, costing a third of State Pensions.
This comes after data was published by energy analysts suggesting that Ofgem’s price cap is set to rise by 64 per cent from October 1, pushing the annual cost for a typical user on a standard tariff to a staggering £3,245. Cornwall Insight also said the price cap could go up by a further £360 in January to £3,364.
As the Daily Record reports, the MoneySavingExpert.com founder told BBC Radio 4 that it is going to be a 'very bleak winter' as the 'cataclysmic' energy crisis will see thousands fall into poverty. Already, households are struggling with the current price cap that has pushed the average yearly bill to £1,971.
