Martin Lewis has called for political intervention on the cost of living crisis, as he warned he is “virtually out of tools” to help people.

The Chancellor is reportedly gearing up to slash fuel duty in his spring statement as Boris Johnson pursues long-term measures to guard against future energy bill pressures.

Rishi Sunak appeared on Sunday to hint at help for motorists in his so-called “mini-Budget”, with measures to prevent filling up cars from being “prohibitively expensive” expected to be unveiled on Wednesday.

There are suggestions the Chancellor could temporarily cut fuel duty by as much as 5p per litre to support families and businesses through the cost of living crisis.

Glasgow Times: (PA)(PA)

Forecourt prices have risen sharply since Russia’s invasion of Ukraine, with average prices at a record 165.9p per litre for petrol and 177.3p per litre for diesel.

With pressure mounting on Mr Sunak to act, he told the BBC on Sunday that “of course” he was prepared to step in to help those on tightly-squeezed budgets.

However, the No 11 incumbent added that he “can’t solve every problem” as he conceded Britons faced a “difficult” time amid ballooning inflation.

There were also reports the Chancellor is considering raising the threshold at which people start paying national insurance.

The Times said the move would take an estimated 150,000 people out of paying next month’s planned 1.25 percentage point NI contribution rise.

April’s increase is designed to pay for clearing the NHS backlog caused by the pandemic as part of a health and social care levy.

The MoneySavingExpert, Martin Lewis, also appeared on the BBC on Sunday.

 

He told Sophie Raworth that “political intervention” was necessary.

Mr Lewis said: “Just on energy, on a conservative estimate, we are talking a £1,3000 increase on bills and about ten million people in fuel poverty.

“As the MoneySavingExpert I am virtually out of tools to help people now.

“It is not something money management can fix. We need political intervention.”