The reason most often given for not using that type of meter is that the leads are not sufficiently well insulated to protect the user from accidental shock when used without due care for ensuring personal safety.
It's not suitable because:
a. what Bernard said
b. a £10 meter will not have the proper input protection to avoid explosion/fire when you connect it to the mains after selecting the wrong input range.
c. It claims to have a 600V CAT II rating, which even if that is true, is not appropriate for use inside a consumer unit.
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