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A cost of living crisis will see average households’ bills soar by more than £1,500 a year, experts warn today.
Families are now on the cusp of the biggest spending squeeze in nearly a decade as bills and prices rise relentlessly.
Money experts said a ‘perfect storm’ of price and tax hikes could push family finances to the limit across the country.
Families are now on the cusp of the biggest spending squeeze in nearly a decade as bills and prices rise relentlessly
Energy prices have rocketed this week, leading to suppliers pulling deals and predictions that average households could soon face paying over £400 extra a year on power bills.
A year ago, the best one-year fixed deal on comparison website Energy Helpline was £855 – but last night the cheapest available was more than double that at £1,895.
Petrol prices have also blown up, with the cost of filling a 50-litre tank rising from £56.55 to £67.30 since August last year.
The price of food and drink in shops and supermarkets rose by 1.1 per cent in August – the highest rate since 2008 – as retailers battled supply shortages and higher costs.
A long winter meant European countries built lower gas stocks than usual over the summer. Russia has also been providing less gas to Europe, which many believe is a way to pressure leaders into switching to a controversial pipeline, Nord Stream 2
Train fares, telephone and internet bills, and other day-to-day expenses are also increasing, while Boris Johnson’s health and social care levy means workers will have to pay an extra 1.25 percentage point in tax from next year.
There are also fears of hefty council tax rises – and there could be more bad news in Chancellor Rishi Sunak’s Budget next month.
Insurance experts