Martin Lewis has shared his thoughts on the impact of Labour's General Election victory on personal finances. The founder of MoneySavingExpert.com appeared on ITV's Good Morning Britain on Friday, July 5, where he discussed the potential financial implications following Labour's sweeping win over the Tories, bringing an end to 14 years of Conservative governance.
Sir Keir Starmer is set to enter Downing Street later today as the new Prime Minister of the United Kingdom. However, his triumph comes amidst a cost of living crisis, with families struggling due to rising prices in shops and escalating mortgage rates over recent years.
Martin began by suggesting that Labour will likely soon announce that the UK's financial situation is more dire than anticipated, reports the Mirror.
He then forecasted that any forthcoming changes will need to be cost-effective for the Government. Martin stated: "What I expect is going to happen in the next couple of weeks, is Labour will get fully into Government and do some form of revelation, saying: 'Wow, the finances are so much worse than we expected, there's a big economic black hole, things are going to be very tough,' and then do some expectation management. "Of course, we all know that already...
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