Martin Lewis’ grim cost-of-living warning after Chancellor’s resignation

Britain is currently facing its worst rate of inflation since the 1970s (Image: PA/REX)

Britain is currently facing its worst rate of inflation since the 1970s (Image: PA/REX)

Martin Lewis has warned of the impact Rishi Sunak’s resignation could have on the cost of living crisis.

The role of Chancellor of the Exchequer has become vacant amid tonight’s shock exits.

Mr Sunak said the public expected the government to be run “properly, competently and earnestly” as he announced his resignation.

Mr Lewis took to Twitter to express his concern at the uncertainty of who will now preside over the UK economy.

The money expert wrote: “We have a cost of living crisis on a scale not seen in almost 50 years.

“Energy bills will rise to £3,000 in October. Grocery, mortgages, rent, transportation and gas prices skyrocket.

“The Bank of England today warned that the economic outlook has deteriorated significantly.

“And we have no chancellor.”

London, United Kingdom. No10 coronavirus. The Prime Minister joins the Chancellor of the Exchequer, Rishi Sunak, walking up the steps of 10 Downing Street for a press conference on the coronavirus. Picture by Andrew Parsons / No. 10 Downing Street

Rishi Sunak resigned in the wake of the Pincher scandal (Image: Andrew Parsons/10 Downing Street)

The UK is currently struggling with the worst rate of inflation since the 1970s, impacted by the Covid pandemic and the war in Ukraine.

The cost of a single tin of Lurpak butter has risen to a staggering £7.20 amid inflation.

Chicken has also seen a huge increase in price.

A 1kg pack of Sainsbury’s chicken breasts is now £6.02 – £1.18 up from £4.84.

Earlier this morning the Bank of England urged lenders to prepare for “deteriorating economic prospects”.

It also forecast that house price increases would slow later this year.

“The economic outlook for the UK and globally has deteriorated significantly,” the bank said when it released its latest Financial Stability Report.

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https://metro.co.uk/2022/07/05/martin-lewis-bleak-cost-of-living-warning-after-chancellor-quits-16948741/ Martin Lewis' grim cost-of-living warning after Chancellor's resignation

Justin Scacco

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