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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

Published 2 hours ago Share close Share page Copy link About sharing A national charity supporting children with disabilities says more than 90% of the families it helps are struggling to pay bills due to rising living costs. Half of carers looking after disabled youngsters have skipped meals in the past 12 months to cut back on spending, a survey by Family Fund suggests. A West Yorkshire family supported by the charity say they are "scared" they won't be able to afford winter heating. The government said it was helping families with disabled children. York-based Family Fund said many families with seriously ill or disabled children faced higher energy bills due to the need to power home medical equipment. Frequent GP or hospital appointments mean regular car journeys for many, including the family of 11-year-old Charlie, from Bingley in West Yorkshire. "We can't go on as … [Read more...] about Cost of living: Disability charity says carers are skipping meals

Pāpāmoa residents are frustrated by freedom campers overstaying in a beachside reserve carpark. The campers are taking up most of the available parking space at the Taylor Reserve carpark in Pāpāmoa East, according to resident Jayne Darby. Darby said the campers leave their belongings around which included car tyres, timber and bongs for drug smoking.Darby regularly uses the carpark when walking her dog and said on her last visit there were eight vehicles using the carpark for camping. READ MORE: Auckland Council proposes new freedom camping bylaws for region Golden Bay business owners angry at 'naive' decision to close freedom camping sites Fears of 'trailer park' at north Auckland beach as freedom camping bylaw looms One was a large bus style campervan taking up two spaces which left very little space for other people wanting to use the carpark, she said. “They took over the majority of the car park that day. It just makes it hard for everybody else,” said … [Read more...] about ‘We’re actually really nice people’: Maligned Pāpāmoa freedom campers say they’re trying to combat cost of living

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 Simon Jack Published 2 hours ago comments Comments Share close Share page Copy link About sharing Most Lloyds Bank customers have less than £500 of savings in their accounts, its chief executive said. Charlie Nunn said Lloyds had seen customers seeking debt advice jump up by a third in just the first six months of this year. Credit card spending on travel was up 300% on last year, but the majority of Lloyd's customers were worried about the cost of living, he said. It was possible for the UK to avoid the recession many are predicting, he said. It comes as UK households struggle with the soaring cost of food, energy bills and fuel as inflation rises at the fastest rate in 40 years. The head of the UK's biggest high street bank told the BBC: "80% of individuals and UK customers and families have less than £500 pounds worth of savings in their current … [Read more...] about Most only have £500 of savings says Lloyds boss

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

Published 7 minutes ago Share close Share page Copy link About sharing Following the shock resignation of former Chancellor Rishi Sunak, his replacement Nadhim Zahawi has said he and Prime Minister Boris Johnson want to "rebuild the economy" and get soaring inflation under control. Mr Zahawi said "nothing is off the table" in terms of cutting taxes. What are some of the options open to the new Chancellor to make good on those plans? 1. Cut VAT Mr Zahawi has said he wants to do two things: cut taxes and "bear down" on inflation. Those are not usually happy bedfellows. Cutting taxes puts more money into the economy, which drives prices up - so how can he walk this line? A temporary cut in VAT - the tax paid when buying goods and services - from 20% to 17.5%, say, would lower the price of goods and services in the basket used to calculate inflation - taxes would get cut, and … [Read more...] about Four ways Nadhim Zahawi may try to boost the economy

A miracle pill which is claimed to cure hangovers has been launched in the UK, helping Brits get back on their feet after a night out. Experts say the new pill, which is taken before you drink, stops the body absorbing alcohol, protecting you from a hangover for the next 12 hours. Called Myrkl, it’s a mix of probiotics and made from the human body’s own natural bacteria. Grimsby Live reported . Combined with amino acid, L-Cysteine and Vitamin B12 the trio work together to help breakdown alcohol’s toxic by-products into carbon dioxide and water. Researchers have demonstrated that people who drank two glasses of wine after taking the pill, which costs £1, had on average 50 per cent less alcohol in their blood after 30 minutes. After an hour this rose to 70 per cent. Myrkl, the miracle hangover pill that was developed by Swedish medical company De Faire Medical. ( Image: Myrkl) The pill took three decades to develop by Swedish medical company De Faire … [Read more...] about New £1 pill ‘that prevents hangovers’ launches in UK after 30 years of research

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 Hazel Shearing Published 2 hours ago Share close Share page Copy link About sharing Former higher and further education minister Michelle Donelan has been made the new education secretary. It follows Nadhim Zahawi's departure from the post as he becomes chancellor. Ms Donelan, 38, has spent the past two years occupied with universities and colleges. Now she has the whole of England's education system to contend with - and she is facing a pretty packed schedule. Catch-up after Covid Perhaps the biggest issue Ms Donelan will have to contend with is the impact of two years of disruption on schoolchildren. By 2030, ministers want 90% of children leaving primary school to reach the expected standards in reading, writing and maths. There's a long way to go, and unions aren't convinced it's doable with current levels of funding. This week, Sats results … [Read more...] about Who is Michelle Donelan and what is the new education secretary facing?