Martin Lewis returned to our screens on Monday as the finance guru took to Good Morning Britain to share his latest thoughts and expertise.
The Money Saving Expert founder quickly issued a stark warning to viewers who may soon find they have less cash. Martin, who continues to rally against the government when it comes to the cost of living crisis, discussed the level of Universal Credit and the latest rise actually being a cut in real terms.
He said: “When we have a situation where Universal Credit itself hasn’t been uprated by the current level of inflation because it was the older level of inflation when it was lower. And you’re actually going to move people onto a new system where they can earn substantially less amid a cost of living crisis, we are again throwing some of the poor in society under the bus […]
READ MORE: Universal Credit payment dates to change next month for many
“Do the Government not understand the timing?”
More than 2.5 million people on legacy benefits will be moved to Universal Credit with the transition beginning on Monday (May 9), MyLondon reports. The process was previously halted due to the Covid-19 pandemic.
The Government’s own figures show the move could leave 900,000 people worse off – though many others will see their circumstances improved. Last month, Martin urged anyone on a low income or claiming Universal Credit to check if they qualify for a 50 per cent savings boost.
The MSE founder gave his advice on saving during the cost of living crisis and said Help to Save is “unbeatable” and that “many who are eligible rave about it”. The Help to Save scheme pays a 50 per cent bonus up to a maximum of £1,200 over four years. How it works is you save up to £50 per month and your two 50 per cent bonuses are paid after two years and four years.
The bonus paid is based on the highest balance in your account during the two previous years (whenever that is – it doesn’t have to be the end balance), with a maximum bonus of £600 each time. The bonus for years three and four are paid on the amount of your highest balance in those years exceeds your highest balance from the previous two years.
In order to qualify you must be a UK resident and either be on Universal Credit with an employment income of £658.64 in the last monthly assessment period or be entitled to working tax credit and receive working or child tax credit. You don’t have to save every month and you can make withdrawals at any time.
Good Morning Britain airs weekdays from 6am on ITV and the ITV Hub
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