Warnings of ‘civil unrest’ amid cost-of-living crisis in UK
Inflation will reach 8.4% later this year, resulting in a 2% reduction in household income.
Martin Lewis, Britain's self-proclaimed money-saving expert, has warned of "social unrest" as the country's cost-of-living crisis worsens.
The TV presenter and founder of MoneySavingExpert admitted to being 'scared for people' as inflation continues to spike across Britain.
See more: Problems paying heating and energy bills are on the horizon for the Brits
In a candid interview with The Sunday Telegraph, Lewis emphasized people's desperation and expressed concern about the implications as homes struggle to pay for the most essentials.
“We need to keep people fed. We need to keep them warm. If we get this wrong right now, then we get to the point where we start to risk civil unrest. When breadwinners cannot provide, anger brews, and civil unrest brews – and I do not think we are very far off,” he said.
“I get all these messages from people tearing their hair out. They don’t know how to make things add up.”
His money-saving website has had to include a new feature that provides suggestions on remaining warm without heating since the situation has gotten so dire.
“I feel slightly sick about doing it. We are talking hot water bottles in sleeping bags territory,” Lewis said. “This is one of the richest countries in the world. It’s pretty desperate, isn’t it?
“It is not an exaggeration to say that there are people we have to prevent freezing or starving.”
Read more: EU and UK sanctions to exacerbate energy crisis
According to PwC's newest UK economic outlook report, British households will be £900 ($1,172) worse off this year, resulting in a "historic slide" in living standards. The lowest earners face £1,300 ($1,700) in financial damage, and the figure might rise if the Ukraine war worsens.
The analysis reported that inflation will reach 8.4% later this year, resulting in a 2% reduction in household income, the worst drop in real earnings since the 1970s, and the largest decline in living standards since records began.
Russia's special operation in Ukraine, along with family and business belt-tightening, means the economy will grow at a slower-than-expected 3.8 percent in 2022, down from the 4.5 percent previously projected and last year's record 7.4 percent expansion, according to the research.