Saturday, January 01, 2022
The cost of living crisis facing us in 2022
With rising energy costs, hikes in the price of petrol, more expensive food stuffs due to Brexit, benefit cuts, tax rises and restrictions on the ability of many people to earn a living due to Covid, the new year does not look that promising. What makes it worse, according to the Mirror, is the fact that a lot of people do not have enough money stashed away for a rainy day.
The paper says that a study of government statistics shows that over six million workers have no savings at all as they face this looming cost of living crisis. Over half of working families had less than £3,000 in household savings going into the pandemic, nearly 27 million people who live in working households had either no savings, savings under £1,500 or savings under £3,000 in 2020.
How the Chancellor of the Exchequer reacts to this situation could well be make or break for tens of thousands of families. This year is not one for an austerity budget, it is a year in which the government need to provide the necessary assistance to help people get back on their feet after two years of hardship.
The paper says that a study of government statistics shows that over six million workers have no savings at all as they face this looming cost of living crisis. Over half of working families had less than £3,000 in household savings going into the pandemic, nearly 27 million people who live in working households had either no savings, savings under £1,500 or savings under £3,000 in 2020.
How the Chancellor of the Exchequer reacts to this situation could well be make or break for tens of thousands of families. This year is not one for an austerity budget, it is a year in which the government need to provide the necessary assistance to help people get back on their feet after two years of hardship.
