Martin Lewis nearly breaks down in tears after phone call with worried single mum
Money expert Martin Lewis says he was left upset and shaken when he was unable to help a worried single mum on last night's Martin Lewis Money Show.
During the consumer advice show he discussed the rise in energy bills that are causing huge problems for many people and resulting in financial hardship.
One person in serious financial difficulty was a single mum who lost her partner to Covid, who called in to the show.
Lewis spoke about the part of the show that left him upset in a tweet after the broadcast.
He said: "I feel near tears after doing my show. I started doing what I do out of a passion for financial justice and providing solutions.
"To be unable to help a single mum who lost her partner to Covid afford her energy bills leaves me feeling impotent.
"I'm shaking. Intervention is needed."
Are you facing rising energy bills? Message mirror.money.saving@mirror.co.uk
On the show, Lewis discussed the huge rise in energy bills hitting people across the country.
He said: "We're getting beyond the point where even the savviest consumer can do anything."
Lewis added that soon "political intervention" may be the only way to keep UK consumers from facing ever-rising prices.
Lewis said energy bills could rise by 50 percent in April.
The increase is coming because a price cap that limits how much energy providers can charge for variable rate deals will be reviewed - and will almost certainly rise.
Lewis said: "In April the energy price cap will rise 50 percent, adding an unaffordable £600 to the total bill."
The best thing for most consumers to do if their energy deal is coming up for renewal is do nothing and fall onto an offer limited by the price cap, Lewis said.
In the past, the cheapest energy deals were normally fixed rate deals, not variable rate ones - which many consumers ended up on by default when their contract expired.
But now energy prices have risen so much that almost everyone is better off ending up on their energy provider's variable rate deal, limited by the cap, rather than take out new fixed rates.
Around 65 percent of UK homes are on variable rate energy tariffs.
Lewis said: "The vast majority of people should still be doing nothing and sticking to the price cap.
"Currently the energy price cap forces energy suppliers to sell gas and electricity below the cost price. There are no meaningfully cheaper deals."
The only good reason to take out a fixed rate deal is if the cost of it is 40 percent of the current £1,277 price cap, Lewis said.
He added: "If your company offers a fix you have to calculate how much above the price cap it is."
The cheapest fixed rate deal is currently 50 percent more than the price cap.
But some energy firms might offer existing customers cheap deals on fixed rates, so don't rule the idea out entirely, Lewis said.
Lewis added that the cost of gas to energy firms is still four times its usual rate, which is driving the price rises.
It rose as high as nine times the norm in 2021.
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