Martin Lewis discusses impact Labour's win will have on your personal finances

manchestereveningnews.co.uk:

Martin Lewis has shared his thoughts on the implications of Labour's General Election victory for personal finances. The founder of MoneySavingExpert.com appeared on ITV's Good Morning Britain today, where he discussed the potential financial landscape following Labour's decisive win over the Conservatives, bringing an end to 14 years of Tory governance.

Sir Keir Starmer is set to take up residence at Downing Street later today (July 5) as the new Prime Minister. However, his triumph comes amid a cost of living crisis, with families across the country grappling with rising prices in shops and escalating mortgage rates over recent years.

Martin began by suggesting that Labour will likely soon announce that the state of UK finances is more dire than anticipated, reports the Mirror.

He then forecasted that any forthcoming changes will need to be financially feasible 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… I've been pushing candidates from all parties of what they’re going to do to fill the huge black hole in the nation's finances.