Auto Amazon Links: No products found. Blocked by captcha.
The inflation rate in the UK rose to 2.3% in October, but the cost of living crisis is unlikely to be over. At energy firm Utilita’s Hampshire call centre, on a very cold day this week, the cost of living pressures were felt acutely. At 10am, red lights flashed on a UK map as pre-payment meters ran out and the company extended “friendly credit” to customers in order to avoid a middle-of-the-night cut-off. One mother, with children requiring refrigerated medicines for cancer, rang through with her voice breaking because she could not afford a £5 top up and asked to be put onto a credit direct debit. An older customer refused to turn on their heating or use hot water and cried down the telephone to the operator.
As energy bills rise, Britain and Europe face a tough winter, particularly as most extra government support has been withdrawn. While inflation may have spiked, having peaked two years ago, and may not go into double digits again, the cost-of-living crisis is predicted to hit harder than ever. This is largely due to an increase in other underlying measures of inflation, such as services and core inflation, which are closely followed by the UK’s Bank of England as indicators of domestic price pressures.
While the Bank has divided opinions about whether or not to raise or cut interest rates in the coming months, a series of rate cuts is expected next year. Despite this, it may be a tough winter, particularly considering potential tax rises, the higher minimum wage, Donald Trump’s arrival into office in the US and an unclear path for inflation. There is still a chance that, whether due to lower tariffs, price cuts or lessening geopolitical tensions, there may be opportunities for prices to fall or rates to be reduced, but this is highly uncertain
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.