Cost of living – 40-Year High Inflation
When you see the news, there is one story dominating the headlines. The cost to live has gone through the roof. The cost has gone up but wages have stayed the same. Inflation has hit a 40-year-old high at 10.1% and it has been recently revealed that 50% of low-paid workers have had to use food banks. With that, there is a risk of low-paid workers becoming unemployed because of the recession.
Just to live in a rented home an average is £751 per calendar month in late 2021. However, this can be increased or decreased depending on where you are living. In comparison to having a mortgage, you will be paying £755 per calendar month.
Not only has house pricing gone up by 20% but so have food, gas, electricity, and taxes. Overall, this can add £2,005 to £3,073 per month depending on your household.
However, 60% of adults say that the current Ukraine-Russian war has contributed and does form part of the reason behind energy and gas prices. We have had two significant increases to the energy and price caps this year. This has hit UK households hard. People are still wondering how they are going to heat their homes this winter.
This has also affected those who claim universal credit. Those who work up or more than 15 per house a week on a national living wage will have to face many reductions and cuts to their money. This a daunting prospect to those on low incomes and the approximately 6 million people claiming universal credit or additional benefits.
These sanctions and cuts have already hit those who are disadvantaged and struggling. Many such as mothers, the disabled, and some ethnic groups have been hit hard.
The cost of living crisis also carries a higher risk of rapidly increasing unemployment and worsened job security.
Summing up, because of the situation a lot of people are going to struggle this winter and Christmas. This is why we need to help.
We are asking you to donate essentials to help those in need. It can range from food to clothing and toys for children. We will be using our office as a donation point and then will be distributing this out to charities in time for Christmas. If you want additional information don’t be afraid to contact us on freephone 0808 168 1474.