Cost of Living Crisis, Others to ease in 2023 – Investment Banker

The Cost of Living Crisis currently being experienced in the United Kingdom and most parts of Europe has consistently been going down especially since the Start of December.

Investment Banker, Gbenga Ogunrinola, made this disclosure while speaking on the TVC News Programme Business Nigeria with Totlulope Ogunjobi.

Mr Ogunrinola who was speaking from the United Kingdom said spending has picked up and residents in the United Kingdom have been slowly returning to normal in terms of purchases which has helped in shoring things up.

He added that the rate of Inflation has reduced slightly to less than 10 percent from the over 11 percent it was in October with the December figures still being expected.

He said that the Government of the British Prime Minister, Rishi Sunak, has been paying more attention to the Economy and listed 5 things which he thinks will aid Economic recovery with the buy in of the people.

He disclosed that the Prime Minister promised he was going to half inflation, cut public debt and ensure a return to Economic recovery and Growth.

Going Further, he said the Energy crisis has gradually been reducing and 2023 may see a return to normalcy or something close to normal with several measures being put in place to wean European Countries and the United Kingdom from over dependence on Russian energy resources.

On the Mortgage front, he said the rate has gradually reduced over the last several months and though not back to pre-Covid has gradually returned to a point where it is a bit more bearable.

He predicted a return to normalcy for the Economies of the Countries of Europe if the Russia-Ukraine situation remains the same.

He added that the hike in Interest rates has also left many involved in the productive Sector worried since it has become more difficult to borrow and invest.

On the disruption that the Covid resurgence in China will bring to the global Economy due to the importance as production hub for a lot of Countries and Corporate behemoth, he said no country or Economy has the capacity to go into lockdown.

He said the situation will be just a disaster with what he expects most Economies to do now just an enhancement of the Vaccination for Covid in all countries to ensure that businesses can continue to operate and prevent a lockdown.