Surging rents ‘fanning the flames of cost of living crisis’ February 9, 2022 Rents have surged 8.3 per cent in a year, to the highest level they have been in 13 years. London rents have risen 11 per cent in a year as office workers have returned to the capital. Monthly rents are up £62 since the start of the pandemic, hitting an average of £969 a month, [...]
Cost of living crunch already hitting consumer spending even before inflation peaks February 8, 2022 The cost of living crunch is prompting Britons to rein in spending even before inflation reaches its expected summit this spring, reveals new research published today. An erosion in household budgets triggered by inflation hitting its highest level in nearly three decades weighed on consumer spending last month, according to figures from Barclaycard. UK spending [...]
Pubs face inflationary costs of over 10 per cent as bosses call for tax relief February 3, 2022 Pubs are facing inflationary business costs of more than 10 per cent as publicans battle spiralling energy and labour costs. More than two in three pubs told an industry survey they were facing such substantial cost increases. Venues are facing skyrocketing energy bills while a labour crunch has seen wages of bartenders and chefs leap [...]
‘Tax-cutting Conservatives’ Boris Johnson and Rishi Sunak confirm tax rise is going ahead January 30, 2022 The Prime Minister and Chancellor have doubled down on a controversial planned tax hike to boost health funding, after it was reported that Boris Johnson was “wobbling” on the policy. The PM is under pressure from some Conservative MPs to scrap or at least delay the national insurance increase to win back support as he [...]
National insurance hike completely unnecessary says Brexit veteran Lord Frost as Tory calls to drop £12bn tax increase swell January 25, 2022 Lord Frost has urged Boris Johnson and Rishi Sunak not to raise taxes in April as cost-of-living is set to increase for most Brits. The Prime Minister’s former Brexit chief joined the growing number of senior Conservatives to call for the planned national insurance hike to be scrapped. The former Brexit Minister – who resigned [...]
Brits’ optimism shrinks on soaring inflation and looming tax hikes January 21, 2022 An inflation spike, the re-emergence of Covid-19 restrictions and looming tax hikes have combined to dampen Brits’ confidence in the year ahead, reveals a closely watched survey released today. The erosion of household budgets by inflation climbing to a near three decade high has led to concerns about a deterioration in personal finances to sweep [...]
Joseph Rowntree Foundation urges immediate support for low-income households amid deepening energy crisis January 18, 2022 The Joseph Rowntree Foundation (JFR) is calling for immediate emergency payments for low-income households to alleviate the cost-of-living crisis.
IFS: Poorest Brits to shoulder worst cost of living shock January 12, 2022 The poorest households in the UK are set to shoulder a harder hit from the cost of living crisis, reveals new analysis released yesterday. The rising cost of energy will erode a greater proportion of poorer households’ income compared to wealthier Brits, according to the Institute for Fiscal Studies (IFS). Less wealthy Brits tend to [...]
The mountain of debt cannot be ignored no matter how much the economy grows January 12, 2022 Politicians and regulators are increasingly concerned about one phenomenon: buy-now-pay-later (BNPL). Nearly a year ago, the government agreed to regulate BNPL lenders, with an independent review chaired by City expert Christopher Woolard warning the sector represented a “significant potential consumer harm”. A Treasury consultation on BNPL only closed at the end of last year. It [...]
Why the energy crisis is set to derail the UK economy in 2022 January 7, 2022 A wave of concern over the swelling cost of living is sweeping across Britain. While households are bracing for higher tax bills and are already being stung by food prices leaping, it is swelling energy costs that will hit hardest in 2022. The UK’s benchmark gas prices have quintupled since January 2021, leaping from £54 [...]