The cost of living has been dominating the headlines this week as the £20 benefits uplift, that was introduced during the pandemic, was withdrawn. Many people are now facing serious financial hardship and with inflation worries becoming ever stronger the situation is of great concern. Consumer Price Index (CPI) inflation is now expected to hit 6%, and Retail Price Index (RPI) to hit 7%.
Energy bills could rise by 30% next year as the energy cap will be raised and a council tax rise of at least 3.6% will be needed annually to keep services at pre-pandemic levels. There are plans to raise the minimum wage to combat these rises but raised by how much remains unknown.
Also covered is the construction industry – the pace of growth slowed last month and could the industry be the canary in a coal mine for the wider economy?