GMB: Martin Lewis warns of potential ‘world-wide recession’

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Remainers have already pointed the finger at Brexit, claiming that leaving the EU is the cause of the UK’s financial crisis.

In June, the Resolution Foundation think tank said that “Brexit appears to already be weighing on both UK openness and competitiveness” in international trading.

Others are looking east at the war in Ukraine, and how Russia is trying to strangle western economies by using gas and oil as a weapon.

While this has had a bigger impact on EU countries, which buy much more Russian energy than the UK, Britain is inevitably impacted by the global market.

Yesterday, the Bank of England raised interest rates again, with the current rate hitting 1.75 percent, the biggest increase in 27 years.

The increase will make it more difficult for people to borrow money, but it will encourage savings, aiming to reduce spending and lower prices.

Inflation has been rising for months and is now set to reach more than 13 percent, making it difficult for many to afford basic goods and services.

With all this going on, there is a leadership void in the Government, with a Prime Minister on his way out in a month and a Tory Party leadership contest still undecided.

So, what is to blame for the recession?

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