Cost of Living LIVE: The Martin Lewis Money Show on tonight as households warned bills could rise by over 70% | The Sun
MARTIN Lewis will host a special edition of his Money Show tonight as millions of Brits fear rising energy bills.
The special episode of the MoneySavingExpert's show will air tonight at 8pm on ITV.
It comes as it was confirmed that the Energy Price Guarantee, which caps average bills at £2,500 per year, will only run until April, rather than the planned two years.
Martin said today that if the original price cap returns, the average household energy bill could rise by over 70% in the spring.
In fact, experts at Cornwall Insight suggest that bills will rise from £2,500 to £4,350 a year from April 2023 without the freeze in place.
Read our cost of living live blog below for the latest updates….
- Henry Moore
Martin Lewis gives his verdict on mini-budget shake-up
Martin Lewis, the UK’s resident MoneySavingExpert, took to Twitter to share his thoughts on Jeremy Hunt’s changes.
Writing on Twitter, Mr Lewis said: “Hunt says energy price guarantee to remain until April.
“After that treasury review on how to support energy prices.
“Plus all mini-Budget tax measures (barring stamp duty and NI cut) now not happening, so no cut in basic rate.
“Trussenomics totally hunted down and gone.”
He added: “While energy intervention was desperately needed – a universal energy price guarantee was always expensive and poorly targeted.
“The post-April support will still need reach a decent way up the net and support middle earners, energy rates are still huge.”
Click here to read more.
- Henry Moore
Are you eligible for the cold weather payment?
The cold weather payment helps struggling Brits get through periods of extreme cold.
You can get up to £25 for every seven days that temperatures hit below zero.
You are eligible if you claim the following.
- Pension credit
- Income support
- Income-based jobseeker’s allowance
- Income-related employment and support allowance
- Universal Credit
- Support for mortgage interest
Depending on your specific circumstances, you may also need to meet one or more of the following additional criteria:
- Have a disability or be in receipt of pension premium
- Have a child who is disabled
- Be in receipt of child tax credit that includes a disability or severe disability element
- Have a severe or enhanced disability premium
- Be in receipt of a limited capability for work amount
- Have a child under five living with you
Regardless of employment, Universal Credit claimants are eligible if they have a disabled child amount in their claim.
You can find out more about eligibility on the government's website.
Get cheap gym memberships if you claim Universal Credit
A little-known benefit of Universal Credit is discounts on gym memberships across the country.
How much of a discount you'll get will depend on your local council.
To find yours, you can use the government's locator tool.
To apply, you'll need to go through your local leisure centre, but first you should check whether they offer a discount.
Universal Credit also gains access to dozens of other benefits that you can see here.
- Henry Moore
Bills could rise by 70% without intervention Martin Lewis claims
Martin Lewis has said that Brits could experience staggering increases in their bills when the energy price guarantee ends in April/
Martin said that if the original price cap returns, the average household energy bill could rise by over 70% in the spring.
New predictions by experts at Cornwall Insight suggest that bills will rise from £2,500 to £4,350 a year from April 2023 without the freeze in place.
This comes after Jeremy Hunt ripped up almost all of the PM's mini budget, including the plan to cap energy bills for the next two years.
- Henry Moore
Millions of pensions under threat as government hints at triple lock scrap
The government has refused to rule out the scrapping of the triple lock on pensions.
If scrapped, this would affect around 12 million OAPs with some retirees at risk of being £12,000 worse off.
When asked about the policy, a spokesperson for the PM said: "We are very aware of how many vulnerable pensioners there are and indeed our priority… is we continue to protect the most vulnerable in society.
"The Prime Minister and the Chancellor are not making any commitments on individual policy areas at this point.
"But as I say the decisions will be made through the prism of what matters most to the most vulnerable."
- Henry Moore
Sun readers slam decision to shorten energy guarantee
Yesterday, Jeremy Hunt announced that the Energy Price Guarantee would no longer last for two years, rather the scheme would end in April.
This news came as a shock to Brits, including NHS worker and mother Meghan Dancer.
Megan says: “To cut short the energy guarantee so soon is unfair. It will get us through the winter but what happens if it’s not that warm in April?”
“The worst thing is the waiting and the worry.”
- Henry Moore
How much do game consoles cost to run?
As energy bills continue to rise, finding ways to cut spending is crucial.
But how much exactly do your game consoles cost to run? And how can you save on them?
When plugged in on standby, the PS5 costs approximately £4 a year to run after the price increase.
Meanwhile, while playing you are spending around 10p per hour.
Checking your TV settings is the best way to save on game consoles, with turning the brightness down being an effective solution.
For more tips, check out our full guide.
- Henry Moore
Contact your energy supplier for help as bills skyrocket
Amid the destruction of Liz Truss's mini budget yesterday, it was announced that the energy price guarantee will now only last until April, instead of the original two years.
This means, come April, your bills will no longer be capped at £2,500, and could reach up to £5,000 per year.
Many energy companies offer help for struggling Brits, check below if yours does.
- British Gas Energy Trust
- Bulb energy fund
- EDF's energy customer support fund
- E.on's energy fund
- Octopus Energy Octo Assist fund
- Ovo's debt and energy assistance
- Scottish Power's hardship fund
Can you get benefits if you are working?
Many Brits think you can't get benefits if you are employed, but that isn't the case.
You may be eligible to claim extra help, even if you have a job, Turn2Us benefits expert Anna Stevenson has said.
Firstly, you can claim Jobseeker's Allowance if you work less than 16 hours a week on average.
You can even claim Universal Credit if you are on a low income.
Here's how much you might be able to get:
- Single and aged under 25: £265.31 per month
- Single and aged 25 or over: £334.91 per month
- Joint claimants both aged under 25: £416.45 per month
- Joint claimants where one is aged 25 or over: £525.72 per month
"To quickly and easily check what benefits you might be entitled to, you can use the Turn2us Benefits Calculator," Anna said.
- Henry Moore
Seven apps to help YOU save cash
Saving money can be tough at the best of times, but as the cost of living continues to soar it is more important than ever.
With that in mind, here are seven apps that can help you save.
- Chip – automatically saves for you
- Monzo – tracks your spending
- Starling Bank – helps with budgeting
- Emma – alerts you to fees
- Money Dashboard – gives an overview of your accounts
- Oval Money – puts cash away with a smart saving feature
- Plum – free cash
Click here for more saving tips.
Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
- Money Helper – 0800 138 7777
- Citizens Advice – 0808 800 9060
- StepChange – 0800 138 1111
- National Debtline – 0808 808 4000
Where to find cheap pet food this winter
A pet is part of the family, but having one can be expensive so here is the best way to find cheap pet food as the Cost of Living Crisis worsens.
To find the best deals head to trolley.co.uk.
By using this tool, we found that A 40-pouch box of Pedigree dog food was £13 from Iceland, but £14.20 from Morrisons.
For cat litter, Asda’s Just Essentials is the cheapest of all supermarkets at £1.85 for 10kg.
Staff set for £600 bonus to help through cost of living crisis
Senior management at Inoplas Technology Limited decided to act after growing concerned over the impact of inflation on employees and will give staff a £600 bonus to help them.
Thanks to the cost-of-living crisis, millions of Brits have been left to fork out on basic needs like petrol and heating.
It comes as energy bills could hit a staggering £4,347 a year in April after Jeremy Hunt's U-turn statement yesterday.
And bosses at the Bournemouth-based plastic injection moulding service started working on the best way to help back in July, reports the Daily Echo.
Inoplas decided to offer a £600 bonus to each member of staff, with £300 to paid in October and January, respectively.
Bill hikes
Energy bills could hit a staggering £4,347 a year in April after Jeremy Hunt's U-turn statement yesterday.
On Monday, Chancellor Jeremy Hunt said that the energy price guarantee, which limits average bills to £2,500, will come to an end in the spring.
Energy bills were initially set to be frozen for the typical household for two years amid the cost of living crisis, but this policy will now end in April after U-turning on Liz Truss' disastrous mini-budget.
The cap for April has not yet been set by regulator Ofgem amid uncertainty about what will happen to the wholesale cost of gas.
Consultancy firm Auxilione forecasts average bills could hit £5,078 and RBC Capital Markets predicts £4,684 a year, The Times reports.
Top tricks on drying bed sheets without using the tumble dryer
Georgia Metcalfe, founder of online bedroom retailer French Bedroom, has shared the advice as we head towards colder months.
She explained how sheets can dry effectively inside and smell nice as well as how to prevent mould when doing so, all whilst lowering bills.
Georgia explains that the best way to dry sheets indoors is to hang them on bannisters.
She said: “Bedding needs a large surface area to dry quickly so drape wet sheets around the bannister to maximise indoor space and allow the fabric to breathe.
“Many will use an airer, but these can be too small to work efficiently for large sheets.
“You could also create a beautiful scent by using lavender fabric softener in the washing machine as this will act as a diffuser whilst the sheets dry.”
- Louis Allwood
What does it mean now Hunt has ruled out the cut to income tax?
Before Kwasi Kwarteng's mini-Budget, workers in England, Northern Ireland and Wales were originally set to see the basic rate of income tax fall by one percentage point from 20% to 19% from April 2024.
But now Jeremy Hunt has ruled out any cut to income tax for the foreseeable.
The cancellation of the cut to income tax means that the average taxpayer will now miss out on £170 in savings next year.
Data provided by Hargreaves Lansdown suggests that the 1p cut to the basic rate of income tax would have saved those earning £15,000 a year £24.30 a year.
Those earning £25,000 a year would have saved £124.30 and workers with incomes of £35,000 a year would save £224.30.
Those earning £50,000 a year would have saved £374.
- Louis Allwood
Brits warned over ‘secret sludge’ driving up radiator costs
Experts have issued a warning to Brits over “secret sludge” that could be clogging up radiators and driving up bills.
A radiator filled with low-quality water can become blocked, and reduce your output by 47%.
Colin Yearp, an ADEY heating engineer said: “By just improving the water quality inside the system, you can save up to 7% a year on gas usage and extend the life of the boiler by up to seven years.”
- Louis Allwood
Don’t turn your boiler off to save on bills, expert warns
Experts have warned against turning off your boiler overnight in an attempt to save on bills.
Constantly switching your boiler off could lead to issues, forcing you to call in an engineer.
A spokesperson from BoilerCentral said: “If the boiler is turned off and you have forgotten to turn it back on, some can be temperamental and then require a call out.
“It is advised to first look at adjusting your thermostat settings instead of turning your boiler off.
“If someone is looking to regularly turn off their boiler then to ensure it can be done without causing problems it’s advised to get it serviced annually.”
- Louis Allwood
When could we see the blackouts?
The head of National Grid, John Pettigrew said that blackouts could be imposed on British households in January and February.
The blackouts could occur on the coldest days between 4pm and 7pm.
John Pettigrew said that electricity and gas supplies may be temporarily switched off in the "deepest, darkest evenings in January and February.
Mr Pettigrew made the comments at the Financial Times’s Energy Transition Summit yesterday.
- Louis Allwood
Free electric blankets
Octopus is dishing out free electric blankets this winter to help customers keep warm while bills stay high.
You'll have to apply to see if you qualify on the Octopus website and there are 10,000 blankets up for grabs.
That's more than last year when Octopus launched the scheme, when 8,000 were given out to customers.
Blankets will only be available to people who will benefit from them the most.
This is likely to include elderly people, or those with specific medical conditions which make them immobile, very unwell, or feel cold.
Around 5,000 extra customers will be able to get a discount for an electric blanket from Dreamland if they don't qualify for a free one.
It costs 24p to run an electric blanket for one hour a day for seven days.
And if you used it for one hour a day for a year, you'd be spending £12.48 on your electricity.
- Louis Allwood
£50 fuel vouchers
If you're on a prepayment meter you might be able to get a one-off voucher to top up.
The fuel voucher scheme comes via the Fuel Bank Foundation charity, and it's offered through a range of organisations, like food banks and Citizens Advice.
The best place to start to find somewhere which can offer you a fuel voucher is by asking your local council – you can find yours via gov.uk by searching your postcode.
The voucher should help you cover around two weeks' worth of electricity use.
Some energy companies may also issue their own vouchers, so ask your supplier directly.
- Louis Allwood
Where to get the best low-cost Christmas dinner
As the holiday season approaches everyone is starting to think about the best place to get their Christmas dinner essentials, but where is the best place to shop?
The Good Housekeeping expert panel has compiled the perfect list just for that question.
Aldi, perhaps unsurprisingly, offers the cheapest Christmas Dinner essentials this year.
However, Marks and Spencer reportedly offer the best-tasting Christmas food.
Meanwhile, Asda’s pigs in blankets are said to be to die for.
- Louis Allwood
8 ways to save on fuel
Greg Wilson, founder of car insurance comparison site Quotezone.co.uk, has given drivers eight insights to help them save on fuel.
He explains: “Frugal drivers can get the maximum mileage from the fuel tank by incorporating money-saving driving techniques into their everyday journeys.
“Eco-driving can have a huge impact on how much money you spend at the petrol pump.
“Besides choosing the cheapest petrol station and the right speed, there are a number of other simple tricks that can help you make fuel go further, including decluttering the boot and checking tyre pressure.”
Here are his tips:
- REMOVE EXCESS WEIGHT
- REGULAR MAINTENANCE
- GENTLE ACCELERATION
- CHANGE GEARS AS EARLY AS POSSIBLE
- CHECK TYRE PRESSURE
- AVOID IDLING
- TURN OFF ADDITIONAL FUNCTIONS
- DON’T FILL THE TANK ALL THE WAY UP
Cost of living advice for Halloween
Rebecca Bebbington, online consumer expert at NetVoucherCodes has advised people that if you’re planning a Halloween party of dressing the house up ready for trick-or-treaters, have a look at DIY options instead of splashing on expensive decorations.
Rebecca said: “Weigh up the costs of carving your own pumpkins to how much it’ll be to get crafty with glue and glitter for homemade spooky decorations.
“Perhaps think about what can be used more practically such as a hand-sewn pillow which can be used year-round and won’t appear out of place during off-season periods.”
What temperature should your thermostat be to save on bills?
As bills rise this winter, Brits are looking for ways to save on energy.
But what temperature should you have your heating to save on bills?
When it comes to your thermostat, Energy Saving Trust recommends you should set it to the “lowest comfortable temperature”.
For most of us this is between 18 and 21 degrees Celsius.
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