Martin Lewis has warned of the impact Rishi Sunak’s resignation could have on the cost of living crisis.
The Chancellor of Exchequer role became vacant amid this evening’s shock departures.
Mr Sunak said the public expected government to be conducted ‘properly, competently and seriously’ as he announced his resignation.
Mr Lewis has taken to Twitter to voice his concern at the uncertainty over who will now preside over the state of economic affairs in the UK.
The money expert wrote: ‘We’ve a cost of living crisis of a scale not seen for nearly 50 years.
‘Energy bills will rise to £3,000 in Oct. Food, mortgages, rents, transport & petrol prices are exploding.
‘The Bank of England today warned economic outlook’s deteriorated materially.
‘And we’ve no Chancellor.’
The UK is currently struggling with the worst rate of inflation since the 1970s, influenced by the Covid pandemic and the war in Ukraine.
The cost of a single tub of Lurpak butter has soared to eye-watering £7.20 amid inflation.
Chicken has also seen a huge hike price.
A pack of 1kg chicken breasts from Sainsbury’s now costs £6.02 – up £1.18 from £4.84.
Earlier today, the Bank of England told lenders to prepare for ‘deteriorated economic outlook’.
It also predicted that increases in house prices would slow down later this year.
‘The economic outlook for the UK and globally has deteriorated materially,’ the Bank said as it published its latest Financial Stability Report.
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