Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August.

The UK pound has reached a record 37-year low against the dollar, raising speculations as to whether the British economy is already in recession.

The 56th and third female UK Prime Minister takes up the reins of power as the UK toils under spiraling levels of inflation, skyrocketing energy costs with an economy almost certainly in recession, and public services on the brink of collapse.

The British establishment has announced an 80 percent increase in electricity and gas bills, effective as of the beginning of October. How the British people are going to afford it is cause for concern.

Inflation reached yet another new record on Wednesday.