Martin Lewis warns Brits to brace for ‘financial cataclysm’ in heartfelt plea to next PM

Martin Lewis warns Brits to brace for 'financial cataclysm'

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Britons are likely gearing up for a cataclysmic financial ruin, money-saving expert Martin Lewis warned in a desperate plea to the next Prime Minister. With inflation and hikes in prices showing no signs of letting up, Mr Lewis said, Britain is heading straight to hit a brick wall in September if the next Prime Minister fails to act decisively to prevent the potentially upcoming worst-case scenario. He adds the next Prime Minister could be responsible for the demise of Britain, should they not rise to the occasion.

In a warning message to Britons and the next Prime Minister, Mr Lewis said: “The winter coming is going to be bleak. I believe, unless action is taken, we are facing a potential national financial cataclysm.

“As individuals, you need to be aware of that so you can take, if possible – let’s be honest, it’s not always possible – preventative action yourself. Yet more so.

“The Conservative Party leadership candidates, one of whom will soon become our Prime Minister, need to know how stark things will be on the day they take office.

“So far, the debate seems to have mostly ignored the fact we are sitting on a financial time bomb that’s due to explode in September.”

“And those candidates in truth are the only ones with a chance of diffusing that catastrophe,” Mr Lewis warned. “So, this is if you like an open video letter to them and to explain it to you of what’s coming and why I’m so worried.

“My hope is by doing this can help avert some of these potential disaster scenarios. And of course, energy bills are at the centre of this. And of course, energy bills are at the centre of this.

“But the shock waves are likely to ripple out to all areas of people’s lives: anyone struggling, anyone with a mortgage, credits cards. There are big impacts in those areas, too.”

Since Putin’s brutal invasion of Ukraine, inflation has incessantly been on the rise, with wages dropping by significant margins.

The Office for National Statistics (ONS) reported Tuesday that earnings growth failed to keep pace with rising inflation, meaning consumers’ purchasing power has been reduced over the last few months.

Though wages have increased across the private and public sectors by an average of 4.3 percent in the last three months, galloping inflation rose by a higher margin.

In essence, the clashing economic indicators left pay down by 3.7 percent – a record drop.

The ONS report also highlights growing inequalities, with significantly higher salary hikes for private sector staff who enjoyed a 7.2 percent increase while the increase in public sector workers was at 1.5 in the three months from March to May.

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“Top 1% of earners have secured above-inflation pay rises: their real pay has increased by 1% since October 2021 (when furlough ended)” while “Bottom 10% have seen their real pay fall by 3%,”  Xiaowei Xu, a senior economist at Institute for Fiscal Studies noted in a tweet.

In another plea to the next Prime Minister, The TUC general secretary, Frances O’Grady, said Conservative candidates should be mindful that “UK workers are suffering the worst pay squeeze in modern history.”

The four remaining candidates – Rishi Sunak, Penny Mordaunt, Liz Truss, and Kemi Badenoch – will face off in a round of voting on Tuesday.

The final two candidates should be known on Wednesday and the next Prime Minister will be elected by September 5.

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