Published 20 July comments Comments Share close Share page Copy link About sharing Prices are rising faster than they have done for 40 years. The increase in the cost of living is putting a squeeze on people's finances, as incomes fail to keep up. What is inflation? Inflation is the increase in the price of something over time. For example, if a bottle of milk costs £1 and that rises by 5p compared with a year earlier, then milk inflation is 5%. Every month a figure is released, estimating how much prices are rising overall - it's currently at 9.4% . Why are prices rising so fast? Many things are contributing to the high rate of inflation, including: Energy bills , which have risen rapidly because of high oil and gas prices. They're expected to increase sharply again from October Petrol and diesel prices , partly because the war … [Read more...] about What is the UK inflation rate and why is the cost of living rising?
Unpublished ecb inflation estimate raises prospect of earlier rate rise
After lockdown raided the savings of hairdresser and gym instructor Lucie Wilby, a lengthy wait for a hip replacement dealt another blow to her family’s finances. “We’re in a lot of debt because of it and that’s a combination of Covid and obviously surgery [and] waiting times,” the 53-year-old mother from Cornwall says. “If I hadn’t had to wait six months, we’d be nowhere near this issue.” Like many of the 6.6 million people on an NHS waiting list, work had become painful and eventually impossible for Wilby as the backlog in treatment forces people to cut their hours or stop employment altogether. “By the time of the operation, I was barely walking and I’m self employed,” she says. “It took about three years to get diagnosed. That’s one of the major problems – it’s not just the waiting time for the operation once you’re on the list, it’s the waiting time for diagnosis.” While tax cuts and even trans issues may have stolen the limelight in the Tory leadership race, the … [Read more...] about Britain really isn’t working – and the collapsing NHS is to blame
Published 30 June Share close Share page Copy link About sharing A third of Scots are cutting back spending on food and other essentials due to the cost of living crisis, according to a new report. The Fraser of Allander Institute is also warning that Scotland's recovery from the pandemic is starting to falter. It says rising prices are taking a toll on both companies and consumers. The think tank says it now expects growth of 0.5% next year, instead of the 1.5% it previously forecast. In its latest quarterly economic commentary report, the institute said consumers were starting to modify their spending behaviour in response to the ongoing crisis. More than half reported spending less on non-essential items. A third said they were spending less on essential items such as food and fuel, while the cost of properties is seeing a significant increase. It mirrors the … [Read more...] about Cost of living crisis: Third of Scots cut back spending on essentials