Calls for immediate government intervention are becoming urgent, as more and more UK businesses are having to shut down over the cost of living crisis.

Businesses and the wealthy received almost £40bn in tax cuts while Rishi Sunak was chancellor, leaving others footing the bill for Britain’s recovery from the pandemic in the midst of a cost of living crisis, according to new analysis.

The Communications Workers Union (CWU), which represents more than a 100,000 Royal Mail postal workers, said British postal workers will hold the strike in protest over pay on Aug 26 and 31 as well as Sept. 8 and 9.

Liz Truss vowed to do “all that I can” to help households struggling with the cost of living crisis, in a change of tone that her Conservative leadership rival Rishi Sunak described as a “major U-turn on the biggest issue facing the country”.

Last week, the Bank of England predicted that the UK will fall into a recession by the autumn and could have more than a year of subsequent economic contraction.

The winner of the Conservative party leadership contest will face huge additional costs of servicing the nation’s debt and paying social security benefits as a result of rising inflation and interest rates.

The pot of cash was set up by the former chancellor Rishi Sunak with the aim of supporting start-up firms struggling to capture investment during the depths of the pandemic and has supported 1,190 companies with funding worth £1.14bn.

India's third largest private lender Axis Bank is winding up its subsidiary in Britain after a deal with financial firm OpenPayd failed, it said in a regulatory filing recently.