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.”
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