Money Saving Expert's Martin Lewis warns of lives being 'devastated' as energy bills expected to rise by 77%

Martin Lewis has warned that lives will be “devastated” by a 77% rise in energy bills set to hit homes from October.

The Money Saving Expert founder said that a “financial cataclysm” will hit the UK as the predicted rise in costs will take the average annual household bill to £3,500.

He has also urged the winner of the Conservative leadership race to take action.

Last week I recorded this warning to u and to Conservative leadership candidates that a financial cataclysm'd hit the UK this winter unless there is action.

Then the Oct price cap was predicted to rise 65% taking typical bills to £3,240/yr. Now, its UP 77% to £3,500.

Pls watch https://t.co/uI6d19loIv
— Martin Lewis (@MartinSLewis) July 27, 2022

Last week he posted on his social media channels with a caption saying: “I’m afraid a financial cataclysm will hit the UK roughly the time the new PM starts, devastating lives.

“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.”

And on Wednesday night he shared the video again saying the predicted rise in cost is now even higher.

He said: “Last week I recorded this warning to u and to Conservative leadership candidates that a financial cataclysm would hit the UK this winter unless there is action.

“Then the October price cap was predicted to rise 65% taking typical bills to £3,240/yr. Now, its UP 77% to £3,500.”