Martin Lewis: Rishi's Spring Statement 'peanuts compared to cost of living crisis'

23 March 2022, 14:37 | Updated: 23 March 2022, 15:06

By Seán Hickey

Money saving expert Martin Lewis broke down what Rishi Sunak's Spring Statement means for those worst affected by the cost of living crisis.

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Rishi Sunak presented his Spring Statement to the House this afternoon in a bid to tackle the cost of living crisis.

The Chancellor admitted the financial outlook for the UK is "challenging" due to soaring inflation and the Russian invasion of Ukraine but added: "Today's statement builds a stronger, more secure economy for the United Kingdom."

Rishi Sunak joins Iain Dale live from Westminster from 7pm tonight for an LBC exclusive phone-in, Ring Rishi. Watch live here.

Read more: Cuts to fuel, tax and VAT: Spring statement key points at a glance

"It was better than I expected, it was worse than I wanted," money saving expert Martin Lewis told Andrew Castle.

"For many it is still peanuts compared to the cost of living crisis."

Read more: What is fuel duty and what difference will a 5p cut make to costs?

Mr Lewis went on to reflect on what Mr Sunak's statement means for ordinary people and how much they will save based on changes to the National Insurance threshold and in the long run, cuts to income tax by 2024.

Andrew asked him if he was speaking directly to the Chancellor, what would he say.

"We are still standing on a precipice of personal finance and you're the only person with the tools to address that," the money saving expert noted.

He went on to crunch the numbers on how the worst effects of the cost of living crisis can be alleviated: "The measures that you have put in place do not come close to covering that amount."

Mr Lewis went on to warn that if Mr Sunak doesn't make the appropriate changes for struggling families soon "there will be people still having to make a choice between starving and freezing."

"I somehow worry the chancellor is more interested in obeying his golden rules than he in in trying to rescue the people who are struggling the most" the money saving expert concluded.