💸The UK is currently in the midst of a severe cost of living crisis - a situation in which necessities like groceries and energy bills are rising in price faster than wages, squeezing people’s finances: bigissue.com/news/politics/… @jrf_uk
🔨💷Shortages of goods and staff, high demand for oil and gas and pandemic-related financial support schemes ending have all pushed up prices, while tax rises due in April will squeeze finances further. Here’s where you’ll see the biggest differences 👉
1.🌡️ Energy costs are set to rocket this year, with an end to the price cap in April pushing bills from an average of £1,277 per year to as much as £2,000 and an extra 1m households with kids pushed into fuel poverty bigissue.com/news/politics/… @CPAGUK @NEA_UKCharity @EndFuelPoverty
2.🏘️ Housing costs are rising fast, with recent data showing that rents rose by an average of 8.6% in the year up to September 2021. Thousands will also face council tax hikes of 2.99 per cent in April as energy costs bite: bigissue.com/news/politics/… @genrentuk @PricedOutUK
3.🛍️You may have noticed your weekly shop creeping up in price too, thanks to the price of the average grocery basket rising by around 6% in a year. The average person is now paying £25 more per month on shopping than last year: bigissue.com/news/politics/…
4.🚂 Travel costs will - yet again - rise in 2022. From March, rail fares will be rising by 3.8 per cent, heaping even greater pressure on the public’s finances bigissue.com/news/politics/… @CBTransport
5.💳And if all these price increases weren’t enough, from April national insurance will be hiked by 1.25 per cent, taking around £251 more per year from someone with a salary of £30,000. Opponents say it’ll hit young people hardest: bigissue.com/news/politics/…
❌So how much worse-off will you be this year? Everything depends on personal circumstances, of course, but the @resfoundation has estimated the average household will be £1,200 worse-off in 2022: bigissue.com/news/politics/…
👉If you’re already struggling with finances, there’s plenty of help available to you - from government schemes to food banks and council assistance. @CitizensAdvice has a comprehensive guide you can use at this link to help: citizensadvice.org.uk/benefits/help-…
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