The UK Is Heading Into A Depression

It is no longer an exaggeration to speak of the world literally falling apart.

In addition to worsening economic conditions here in the US and ongoing economic collapse in China, Great Britain is staring into the abyss of a true economic depression, as real disposable household incomes are forecast to drop by 10% both this year and next.

British households are on course for the deepest living standards squeeze in a century, with real household disposable incomes expected to fall by 10% this year and the next.

The warning comes in a new report by the Resolution Foundation, which said that real earnings are falling at their fastest rate since 1997, meaning that by the middle of next year real pay growth since 2003 will be wiped out.

The sharp drop in real earnings is only the most glaring reason to doubt UK Chancellor Nadhim Zahawi’s assurance that Brits will not see their electricity shut off due to an inability to pay skyrocketing energy costs. (His facetious and factually false blaming of Russia for energy price inflation runs a close second).

Chancellor Nadhim Zahawi has told Sky News that nobody should be cut off this winter because they can't pay their energy bills.

In an exclusive interview with Kay Burley, he accused Russia of using energy to divide Western countries, but he insisted the UK must continue to support Ukraine.

The global economy is falling apart, and no one will be spared.