SOARING inflation, mortgages up, incomes down and the very real prospect of a recession.

What’s more, all of these are manifesting themselves in the wake of one of the worst global pandemics on record as well as the ongoing, horrific war in Ukraine.

We’re living through a truly unprecedented chapter.

It will possibly be looked back on as the ‘VUCA’ era - one that’s defined by volatility, uncertainty, complexity and ambiguity.

And it shows no signs of abating.

It's now been confirmed that energy bills will rise to £3,549 for a typical household from October when the energy price cap change comes into force – up from £1,971 currently - meaning that there will undoubtedly be even tougher times ahead.

But – at this point in history more than ever before – we simply must not talk ourselves into an even worse situation.

During my professional career, I’ve worked through several recessions.

And if there’s one thing that I’ve learned professionally from these experiences, it’s the imperative to look to the future and consistently plan and reassess in order to gain in the most appropriate way going forward.

What’s more – and this is going to be the most difficult part – it’s also essential for us all to muster as much positivity and offer support to those around us when they need help.

I’m not inferring for a single moment that a naïve or ‘head in sand’ approach should be adopted to everything that’s unravelling.

But it’s now more important than ever for the future wellbeing of ‘UK plc’ that we don’t talk ourselves into an even deeper recession than the one that’s already been forecast by the Bank of England.

For clarity, nothing I’ve stated negates the struggles that millions of people are already encountering – and I empathise fully with what they’re experiencing.

Nonetheless, it is now incumbent on the government to act both responsibly, immediately and in unison, to resolve what is increasingly becoming a living nightmare for so many.

It is equally essential that the political infighting ends and that all parties act in concert to find solutions for all, not the few, as soon as the new prime minister is appointed.

Resolving this crisis must be the number one priority.

What’s alarmed me in recent weeks is the endless feeding frenzy surrounding the cost of living crisis.

This is manifesting itself in wall-to-wall coverage in the media as well as those conversations I’m having with friends and colleagues.

I fully understand that this fast-evolving issue needs to be covered extensively to ensure that we’re fully appraised of what’s unravelling.

Nonetheless, it seems to me that as soon as there’s one prediction from the Bank of England suggesting that inflation will hit 13%, another prediction emerges within days from another organisation – most recently US financial services group Citi - stating that UK inflation will rise to 18% next year…

In short, the figures are changing with unnerving regularity and at unprecedented speed and we’re all at risk of information overload.

To conclude, regardless of how grim the headlines get, don’t panic.

The cost-of-living crisis has not become a fully-fledged code red emergency yet and, once the new prime minister is in Downing Street and Parliament's back from the summer recess, the situation will hopefully start to resolve.

Regardless of the sector they operate in, companies must adhere rigorously to their business plans and – similarly - investors must also stick to their ongoing investment strategies.

And don’t ever hesitate to get in touch with me or my team HERE at the earliest opportunity if we can ever be of service.

Over the coming weeks, Future Life Wealth Management intends to run a series of exclusive interviews with leading figures from the financial and other sectors to appraise the full repercussions of cost of living crisis.