Martin Lewis urges government to step in as cost of living set to increase in UK

Martin Lewis has warned Brits could see the cost of living increase rapidly if the government doesn't act now.

The Money Saving Expert founder says the Tories must get their act together to prevent a fuel bill catastrophe in April.

Millions of homeowners in the UK could see a rise of over £700 in the price of gas and electricity.

Now in a bid to protect Brits from the potentially devastating hike, Martin, 49, is pilling pressure on ministers to do something.

He said: "The energy price crisis needs substantial intervention from the government.

"We are going to see a minimum 50% increase in energy prices in the system and that is unsustainable for many.

"We need to look at what we can do and how we can protect those people who will need to choose between heating and eating."

Martin added: "There are already some who are having to make that choice."

Business Secretary Kwasi Kwarteng is due to resume talks with energy bosses this week.

An announcement on the energy price cap is expected to be made on February 7.

It is set to pave the way for the hike in bills in April as Ofgem argues it is needed to help suppliers recoup a surge in wholesale costs.

Martin said the rise in bills is set to be "astronomical".

He continued: "The government has been meeting the energy industry but they've not been meeting the consumer groups.

"They have to sort this now because if we leave this before it's too late it will be a disaster."

Ofgem has proposed measures that could take off about £65 in April's expected price hike.

A letter signed by 20 Tory MPs and peers has urged Prime Minister Boris Johnson to axe the VAT.

Former Tory pensions minister Baroness Altmann said: "There are so many elderly people already struggling with their energy bills."

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She added: "This could endanger their lives – it's an emergency. [A] temporary reprieve, ideally on the VAT side, is really important."

A spokesperson for No10 said: "Protecting consumers is our top priority which is why our energy price cap will remain in place.

"We are also supporting vulnerable and low-income households further through initiatives such as the £500million household support fund, warm home discount, winter fuel payments and cold weather payments.

"Domestic fuels such as gas and electricity are also already subject to the reduced rate of 5% of VAT."

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