UK households face double-digit inflation from September 2022
Britain is on track for a record fall in living standards in the two years to March 2024, budget forecasters say.
Reuters today, May 17, citing FCA data, said the number of adults in the UK who owed bills or failed to meet credit commitments in the six months to January 2023 increased to 5.6 million people compared to 4.2 million people in May 2022.
Sheldon Mills, FCA director of customer and competition, said the research highlighted the “real impact” of rising living costs in the UK.
FCA began collecting data in May 2022, after energy and food prices spiked due to developments in Ukraine.
In the new survey, from 6 December 2022 to 16 January 2023, the UK agency received 5,286 responses from people who had participated in the survey in May 2022.
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The latest survey also shows that more people are struggling to pay their bills and mortgages, with one in five adults in the UK struggling.
With the Bank of England raising interest rates sharply to combat inflation, 29% of respondents with a mortgage in May 2022 said their monthly payments had increased in the six months to January. Meanwhile, 34% of tenants faced rising rents.
Official figures show that UK interest rates fell slightly in April, but remained above 10%, with food and drink prices at a 45-year high, according to RT.
Bank of England chief economist Huw Pill said in late April that British households and businesses needed to accept the fact that they were getting poorer and should not demand higher wages if they did not want prices to rise.
On May 16, Mr. Pill expressed regret for his strong statement, but that is the reality that Britain is facing, according to Sky News.
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