Tuesday, May 10, 2022

The Squeeze on Workers


1.5 million households across the UK will struggle to pay food and energy bills over the next year, as rising prices and higher taxes squeeze budgets, according to the National Institute of Economic and Social Research (NIESR).

It predicts the UK will fall into recession this year.

 NIESR warned that the decision not to scrap a planned rise in National Insurance tax - are hitting the poorest households hardest.

The think tank predicted that inflation would average 7.8% in 2022 and will remain above 3% until 2024. Meanwhile, government policies are set to lower the real incomes of households in the UK, according to NIESR. It forecast a real income decline of 2.4% in 2022, accompanied by a rise in unemployment next year.

Cost of living: 1.5m UK households will struggle to pay bills - report - BBC News

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