Martin Lewis has shared the exact date the government need to act as the UK faces a "national crisis".
The consumer champion appeared on today's edition of Good Morning Britain after shock forecasts from analysts Cornwall Insight predicted bills will rise even higher this winter than had been previously thought. Bills are now expected to reach approximately £3,582 per year for the average household from October - up from the £3,359 predicted earlier this month.
From January, that amount is expected to rise to £4,266 before rising again in April to £4,427 - the previous forecast was for £3,729 in April. Cornwall Insight said these changes were due to "a change in calculation methodology" by energy regulator Ofgem.
READ MORE: DWP issues one week cost of living payment warning to everyone of State Pension age
The Conservative government has claimed it will not introduce new measures until the leadership race has been decided. Liz Truss or Rishi Sunak will be elected as the new Tory leader on September 5, but Martin urged the government to act sooner.
He said: "This catastrophe is bubbling up. Waiting until September 5 when the direct debits will have already gone up is not good enough. I don't understand how a spin doctor is not saying to these candidates that on August 26 the nation is going to be told their energy bills are skyrocketing to an eye-watering amount. You need to have action in place then."
Martin said the upcoming energy price hike is a "national crisis on the scale of the pandemic". He blasted the government's failure to act and urged Ms Truss and Mr Sunak to reach an agreement of what will happen. He said: "The idea they can't do anything is wrong. They are not willing to work together."
Mr Sunak has indicated in his pledges he plans to evaluate the cost of living payment, but Martin said this must be doubled to be in line with the new forecasts. He said: "The gap between the current price gap and the average over October - March has doubled from where it was in May so we need to see a doubling of his amounts."
The finance guru also blasted Ms Truss' proposed pledges to cut taxes and suspend the green levy. He said: "This is a sticking plaster on a gaping wound. She needs to come out and give us tangible promises of what will happen now."
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