Cost of living crisis

A mum of two is left with only £27 per week after paying her bills as a result of the cost of living crisis . Stacey Victoria, from Huddersfield, has seen her electric bills rise from £102 to more than £150 per month, alongside soaring gas prices too – despite ‘not using any extra energy’. In total, she forks out almost £300 per month on gas and electric bills. The 35-year-old is left with no choice but to shop in the reduced section in supermarkets. To cope, she’s had to get savvy with her spending, hunting down yellow sticker deals and reduced price buys. As a result, she’s managed to cook meals costing no more than £1.40 per head. ‘The rising costs of everything have affected me massively,’ Stacey said.  ‘It has given me more of a drive to cut costs even more than I already have.’ Stacey shops around weekly to find the best bargains possible – and can make her family meals from as little as £1.33 per head a day. She said: ‘By living on reduced and free … [Read more...] about Mum feeds her family for under £1.40 a head as cost of living crisis leaves her with just £27 a week

UK inflation has climbed to 9.1% as the cost of living crisis continues to squeeze household finances. The consumer prices index (CPI) measure of inflation rose in the 12 months to May to its highest level sinceMarch 1982. CPI had already hit a 40-year high when it reached 9% the previous month , according to latest Office for National Statistics (ONS) data. The latest figures mean inflation is almost five times higher than the Bank of England (BoE) target of 2%. BoE economists are expecting UK inflation to hit 11% by the end of this year. It had previously estimated that the rate of CPI would hit 10%. Are you worried about rising prices? Let us know: [email protected] How inflation has changed over the years The ONS said food and drink prices were the biggest contributor of inflation creeping higher in the 12 months to May. Households are also being hit by sky-high energy costs, after the Ofgem price cap was raised by 54% in April, … [Read more...] about UK inflation hits 9.1% in new 40-year high as cost of living crisis deepens

Cost of living: Mum shares tips on reducing shopping bill Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Former Chancellor Rish Sunak announced in May that the payment would go to around eight million low-income households in a bid to ease the rising cost of living pressures. The payment is to be split into two with the first £326 being paid out from July 14 and the other £324 in the Autumn. The Government has yet to announce the date where the second payment will be delivered. Related articles Inheritance tax rate could be slashed to zero Urgent scam warning: Fraud email from PayPal imposters People eligible do not need to make a claim for … [Read more...] about DWP warns Britons of £650 cost of living payment delays due to ‘unique characteristics’

State pension rise is 'woefully insufficient' says expert Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Currently the state pension age at which Britons can officially retire is 66 years old for both men and women. However, that is set to increase to 67 and eventually 68 for people born after April 5, 1960. Related articles Martin Lewis: The one thing everyone aged over 66 needs to know Santander UK extends 2.5% interest rate offer READ MORE Attendance Allowance explained: Eight tips for filling out DWP form While life expectancy has grown these improvements have slowed in recent years, according to figures from the Office … [Read more...] about State pension headache as Britons are living longer – ‘tricky balancing act’

HARD-UP households will able to save hundreds on their children's school uniforms thanks to a new government law. New statutory guidance, effective from September, means schools will have to make uniforms affordable for all families. This will see families offered more high street options and households will also be able to buy second-hand uniform. Schools should make sure the necessary arrangements are in place so second-hand school uniforms are available. The Government has also also urged them to signpost parents to established second-hand uniform schemes, if they don't want to set up their own. Some schools don't have uniforms, which means the new law will not affect you if your child goes to one of these. Read more in Money BILL HELP Thousands of people to get £200 direct payment within days - how to get the cash HOME RUN I've lived in my house for 104 years - I was born here and then bought it for £250 … [Read more...] about Major rule change set to slash kids’ uniform costs for new school year

An Aldi insider has shared their tips on saving money (Image: Aldi) Discover the best holidays and latest news with our FREE email SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Julie Ashfield, managing director of buying at Aldi, has shared the tips as the cost of living crisis continues to affect people throughout the UK. In fact, experts predict households will see their yearly food shopping bills hiked by £380 this year due to the soaring price of groceries. Related articles Shoppers furious as single tub of Lurpak costs over £7 Aldi, Marks and Spencer and Sainsbury's launch school uniform sales However, making small changes could make a big difference. Figures from analysts Kantar show that grocery price inflation jumped … [Read more...] about Aldi shoppers get insider money-saving tips from top boss

Nadhim Zahawi arrives at Treasury in new role as Chancellor Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Mr Zahawi has taken on the Cabinet role overseeing the UK’s public finances after Rishi Sunak handed in his resignation to Prime Minister Boris Johnson. The minister told Sky News that “nothing is off the table” when it comes to taxation and ensuring the UK is “as competitive as we can be”. Related articles Inheritance tax rate could be slashed to zero Nadhim Zahawi urged to free Britons from £6bn pension tax burden Julia Rosenbloom, tax partner at wealth management firm Evelyn Partners, spoke about some of the measures that he may … [Read more...] about Tax planning ‘never been so important’ as Zahawi holding emergency Budget ‘quite possible’

Published 12 May comments Comments Share close Share page Copy link About sharing The risk of a recession has risen, analysts have warned, after the economy shrank during March just as the UK had recovered from the pandemic. Higher prices are "beginning to bite", the UK statistics body said , with people spending less and cutting down on car journeys due to high fuel costs. The impact of higher energy bills in April has also yet to be seen. The economy grew by 0.8% over the first three months of the year, but in March it shrank by 0.1% as people cut back. The main boost to the economy came in January, as hospitality and travel industries recovered from coronavirus pandemic restrictions. However, that came before the war in Ukraine and before households began to feel the pinch of higher prices. Paul Dales, chief UK economist at Capital Economics, said the … [Read more...] about Recession fears grow as rising prices hit spending

By Tom Espiner Published 2 hours ago comments Comments Share close Share page Copy link About sharing The pound has fallen to a two-year low against the dollar reflecting traders' increasing concerns about recession around the world as energy prices continue to soar. But sterling is also weak because markets are worried about future UK economic growth, analysts said. Sterling could fall even further after predictions of economic stagnation and as inflation rises, they added. London shares regained some ground on Wednesday following Tuesday's falls. The resignation of two senior government ministers on Tuesday evening, including former Chancellor Rishi Sunak, was not a significant factor in the pound's fall, Rabobank head currency strategist Jane Foley told the BBC Radio 4 Today programme. UK household energy bills to hit £3,000 per year Sunak … [Read more...] about Pound slides to two-year low against the dollar

By Faisal Islam Published 6 hours ago comments Comments Share close Share page Copy link About sharing All types of household energy bill are now heading above £3,000 a year this winter, say energy industry sources. The rise is 7% higher than the predicted prices on which the government's recently announced cost of living support package was based. The government said it didn't recognise the figures, but added it and Ofgem "keep a close watch on energy prices". National Energy Action said there were "few signs of energy prices becoming affordable this winter". The bleak prediction comes as households are already struggling with rising food and fuel prices. Every UK household is to get an energy bill discount of £400 this October, whilst poorest households will also get a payment of £650. When will households get the £400 energy grant? … [Read more...] about Household energy bills to hit £3,000 per year