Martin Lewis telling us how financially awful the future looks.

I doubt it very much. He's talking far too much sense.

Wouldn’t it be wonderful if Martin Lewis started a political party? Someone you could trust, who had the people’s best interests at heart.

He’s a bit of a doomster in my opinion. Mind you, if everything was hunky dory he’d be out of a job so it’s in his interests to promote financial Armageddon.

Quite easy to point out the facts as he sees them but financial solutions not so easy

rosie1959

Quite easy to point out the facts as he sees them but financial solutions not so easy

We could control fossil fuel prices or renationalise the industries so that they're not paying ridiculous CEO salaries and dividends to shareholders to be siphoned off into tax havens. Tax them a bit more and give more support to those who cannot afford to pay swingeing price increases.

In the longer term, invest seriously in renewable energy. Invest in public transport to cut car usage. Ban advertising that encourages the unnecessary use of fossil fuel based energy. Educate the public...
This isn't just a cost of living crisis, it's a climate emergency and government should be prepared to take radical measures to deal with it, as they would in, say, a war.

For anyone who prefers to read, rather than listen, there's a transcript here.
www.moneysavingexpert.com/news/2022/07/martin-lewis-open-letter-tory-leadership/

Esspee

Wouldn’t it be wonderful if Martin Lewis started a political party? Someone you could trust, who had the people’s best interests at heart.

He does meet up to discuss things with them so hopefully has some influence. He can discuss the problems and suggest some solutions, but whether the politicians are willing or able to follow his advice is another matter. He may be suggesting things they cannot actually do.

Whoever, has a very difficult job, no easy solutions. It’s world wide problem. We do need to concentrate on the important issues and not those ridiculous exchanges in the house to rid Boris.

MaizieD

rosie1959

Quite easy to point out the facts as he sees them but financial solutions not so easy

We could control fossil fuel prices or renationalise the industries so that they're not paying ridiculous CEO salaries and dividends to shareholders to be siphoned off into tax havens. Tax them a bit more and give more support to those who cannot afford to pay swingeing price increases.

In the longer term, invest seriously in renewable energy. Invest in public transport to cut car usage. Ban advertising that encourages the unnecessary use of fossil fuel based energy. Educate the public...
This isn't just a cost of living crisis, it's a climate emergency and government should be prepared to take radical measures to deal with it, as they would in, say, a war.

Not really convinced renationalising the energy companies is the way forward back to no choice where we purchase our energy from
Even Keir Starmer is not in favour of this

I think one of the reasons that the utilities, the railways and post office were denationalised in the first place was because our infrastructure is so antiquated and our systems are so outdated. The government of the day dodged their responsibilities to upgrade and just kicked the can further down the road. Now we are Paying the price.

We need to modernise.......but it's going to be a monumental task and neither the government nor the private owners are prepared to grasp the nettle. ,

As for The Blessed Martin Lewis (all hail) he was the first person who helped me get my head round proper money management. He literally saved my bacon when I was facing bankruptcy. (No fault Of my own, it wasn't down to frivolous mismanagement of my finances. It was my husbands long illness that destroyed our finances).

But with the guidance of his website I was able to avert disaster and rebuild my finances.

I don't think he is a doom monger, I just think he is a down to earth realist. Haven't yet read the link but the sad truth is we ARE heading for a very serious recession, and many ordinary innocent people are going to be wiped out.

In case people aren't aware, Martin Lewis has produced a booklet (funded by him) on mental health connected to debt problems.

www.moneysavingexpert.com/credit-cards/mental-health-guide/

He can't wave a magic wand, but he does show how debt can be broken down into small steps and managed. It could literally be a life saver for some people.

Not really convinced renationalising the energy companies is the way forward back to no choice where we purchase our energy from
Even Keir Starmer is not in favour of this

The point of renationalisation is that it cuts out a whole level of profit that is not reinvested but is paid out to shareholders as dividend and as highly inflated salaries to the upper end of the management hierarchy. The current costs have these factored in. Remove them. Public goods shouldn't be an investment opportunity.

Utilities were privatised because it was a political choice. Just as it was a political choice not to upgrade their infrastructure.

I don't really care if Kier Starmer appears to be in favour or not. He has other considerations to take account of, such as the weight of the dominant right-wing press's anti Labour propaganda. He isn't giving hostages to fortune.

Wonderful though Martin Lewis is he is not a miracle worker. He is in despair ATM because, he has said several times recently, there is nothing further he can offer to help people.

MaizieD

Wonderful though Martin Lewis is he is not a miracle worker. He is in despair ATM because, he has said several times recently, there is nothing further he can offer to help people.

Yes I heard that.

It's no comfort but the reality is it's not just the U.K. that's struggling. It's global. As I said above, we are heading for a very serious recession. The US is slightly ahead of us but it's heading our way.

All we can do is batten down the hatches and ride it out but I reiterate there are going to many who are going to really struggle and possibly go under.

Energy bills set to top £3k a year, no wonder many will have to decide whether to heat or eat. We are going backwards not forwards, 1950s austerity Britain revisited,

Urmstongran

He’s a bit of a doomster in my opinion. Mind you, if everything was hunky dory he’d be out of a job so it’s in his interests to promote financial Armageddon.

Martin Lewis has been advising people how to make the best of their finances for years through many ups and downs of the economic climate. He's been positive where appropriate and negative where necessary.

In 2012 he sold his business for £87 million. He's made for life. He doesn't have to promote any agenda in order to stay 'in a job'. He has no motive for being a 'doomster' - he's just telling it how he, in his expert opinion sees it in order to help others.

Being falsely positive, rubbishing people who tell the truth and dismissing the downsides of things doesn't make them go away or absolve the people making mistakes of their failings.

Urmstongran

He’s a bit of a doomster in my opinion. Mind you, if everything was hunky dory he’d be out of a job so it’s in his interests to promote financial Armageddon.

Can you tell us when his predictions have been way off beam before Urmstongran? I get the impression that he’s just a realist, not a doomster.

Yes okay - I amend my comment. Doomster was too strong a word. Economic realist is much more accurate but he’s a very emotional man and I do think his MO is to whip up anxiety. As he says “unless action is taken” blah blah. Well who’s to say action won’t be taken come September?

I guess that's why he said "unless". Hopefully, some action will be taken, but he's not wrong to highlight the consequences if it's not.

Hah! He’s on a winner then isn’t he?

And let’s not forget it’s not just the UK! Europe is experiencing one of the most significant energy crises in recent years.

Well who’s to say action won’t be taken come September?

Well, for a start, I'd say anybody who has lived through tory governments since 1979.... particularly the last 6 years when the tories have contrived to make the whole of the UK poorer with its ludicrous Brexit and has manged to increase the number of people living in poverty.

I don't believe in the triumph of hope over experience...

Urmstongran

Hah! He’s on a winner then isn’t he?

And let’s not forget it’s not just the UK! Europe is experiencing one of the most significant energy crises in recent years.

I doubt very much that he's looking to be a "winner".

And what does what's happening in Europe have to do with it? (Other than being an attempt to distract.)

MaizieD

^Well who’s to say action won’t be taken come September?^

Well, for a start, I'd say anybody who has lived through tory governments since 1979.... particularly the last 6 years when the tories have contrived to make the whole of the UK poorer with its ludicrous Brexit and has manged to increase the number of people living in poverty.

I don't believe in the triumph of hope over experience...

You can hardly blame the Tories for Brexit. They were delivering what the people voted for, whilst battling a pandemic at the same time. A perfect storm really. Things are so bad now I don't think anyone could fix our problems by September.

Chestnut

MaizieD

Well who’s to say action won’t be taken come September?

Well, for a start, I'd say anybody who has lived through tory governments since 1979.... particularly the last 6 years when the tories have contrived to make the whole of the UK poorer with its ludicrous Brexit and has manged to increase the number of people living in poverty.

I don't believe in the triumph of hope over experience...

You can hardly blame the Tories for Brexit. They were delivering what the people voted for, whilst battling a pandemic at the same time. A perfect storm really. Things are so bad now I don't think anyone could fix our problems by September.

You must have posted that tongue in cheek Chestnut. Had the implications of Brexit been fully explained before the referendum, and had a proper No to Brexit campaign been led by Cameron, Brexit would not have happened. It wasn’t the will of the people, it was the ignorance of the people. I blame the Tories 100% for Brexit.