If you needed something to brighten up your Thursday morning then you came to very much the wrong place.
Money Saving Expert Martin Lewis has previously driven home just how dire the situation regarding the cost of living crisis is, however, his most recent predictions for the future are even more nail-biting.
Taking to Twitter, Lewis didn't dilly-dally around, stating: "NEWS: It gets worse!"
After causing everyone's hearts to plummet, the Money Saving Expert continued: "I've just got updated price cap predictions from @CornwallInsight.
"The latest spike in year-ahead wholesale price means the OCT cap prediction is now UP 78% (so £3,500/yr on typical bills) & likely up again in Jan.
"It will be desperate. Intervention needed."
NEWS: It gets worse!— Martin Lewis (@MartinSLewis) July 27, 2022
I've just got uodated price cap predictions from @CornwallInsight.
The latest spike in year-ahead wholesale price means the OCT cap prediction is now UP 78% (so £3,500/yr on typical bills) & likely up again in Jan.
Its will be desperate. Intervention needed
Brits have - quite rightly - taken to the post in absolute outrage, because if the Money Saving Expert himself says its bad and that 'intervention is needed' then that's a clear sign the country has nearly hit rock bottom.
One user said: "I'm sick to my stomach."
"We just won't pay Martin. Then they can slap me with a fine that I just can't pay either," another contested.
A third wrote: "How many people can survive this?"
Why are they allowed to continually increase prices. Wholesale prices aren't sky rocketing so why do they think they need to rip us off? Didn't most energy companies make massive profits?— Craig Liam Jones (@CraigLiamJones) July 27, 2022
Indeed, whether people can actually survive the cost of living crisis has also been questioned by senior economist at the Institute for Government Olly Bartrum, who explained how 'lots of households - potentially 1.3 million people - [will have to choose] between heating and eating'.
Bartrum said: "Ultimately it’s a political choice about who you want to help, and the chancellor is free to make whatever choice he wants but the response from economists and others was largely one of surprise that he didn’t offer more support for fewer people at the lower end of the income distribution given the money he wanted to spend."
I'm afraid a financial cataclysm will hit the UK roughly the time the new PM starts, devastating lives— Martin Lewis (@MartinSLewis) July 19, 2022
This is a video letter to u and Conservative leadership candidates, to help u, and plea for them to prepare and prevent the worst; energy, mortgages, cards & more. Pls share pic.twitter.com/CFBqNtkMwH
In line with Lewis' predictions, research director at the Resolution Foundation also noted the impact of the war in Ukraine.
"There’s a rough couple of years ahead.
"A lot depends on factors that happen outside of the United Kingdom – there were already large rises in heating, oil prices and gas prices before the war started in Ukraine, but this war will make things worse.
"There are food prices and energy prices that are determined on world markets," he said.
Martin you’ve highlighted, you’ve warned , you’ve tried to advise those that are in a position to help and you’ve tried to prepare those of us who it will hit, hard.— Nick Newman (@NCWNewman) July 27, 2022
If politicians were as honest and thoughtful , we would be in a better place
Lewis' latest call for an intervention follows his voicing that the cost of living crisis is the worst he's seen in 22 years.
However, as always Lewis isn't hanging us out to dry to try, continuing to dole out advice and revealing hacks to try and support the nation.
If you've been affected by any of the issues in this story, you can find more information about where to get help from Turn2Us via their website
Featured Image Credit: @MartinSLewis/Twitter/Alamy
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