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Brits face 'cost of living catastrophe': Families will be hit by a year of soaring bills, tax rises, less spending power and the highest inflation for 30 years in 2022 leaving the average household £1,200 WORSE OFF, report warns



Families face a 'cost of living catastrophe' next year thanks to soaring energy bills, tax increases and the highest inflation in 30 years, a report warns. It predicts that 2022 will be the 'year of the squeeze', with households facing a hit of at least £1,200. With inflation projected to reach 6 per cent in spring, wages next Christmas could be no higher in real terms than they are today, the study by the Resolution Foundation think-tank forecasts. Meanwhile, it says rising gas prices could add at least £600 to family budgets when the energy price cap is reviewed in spring. On top of this, households face higher taxes from April when National Insurance goes up by 1.25 percentage points to fund the NHS and social care - a rise that will affect middle-income earners more. Most town halls are also expected to put up council tax by almost 3 per cent in the same month. The think-tank said the combined impact of these factors would leave the average household at least £1,200 worse off - but warned that even this may be an under-estimate because energy bills could rise by more than expected. Some experts have warned that surging wholesale gas prices could add as much as £1,000 to household bills. Torsten Bell, chief executive of the Resolution Foundation, said: '2022 will begin with Omicron at the forefront of everyone's minds. But while the economic impact of this new wave is uncertain, it should at least be short-lived. Instead, 2022 will be defined as the year of the squeeze.


https://www.dailymail.co.uk/news/article-10351327/Average-family-faces-1-200-hit-budget-soaring-bills-tax-rises-inflation.html

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Next year we will all feel the economic repercussions of the Covid pandemic... A financial storm is coming. And the Tories will face a battering if they still put up taxes, writes ROSS CLARK



ROSS CLARK: With all this economic gloom, what should the Government actually be doing? Above all it should be rediscovering the sensible principles of sound Conservative government.

https://www.dailymail.co.uk/debate/article-10354389/Next-year-feel-economic-repercussions-Covid-pandemic-writes-ROSS-CLARK.html