Across the UK, millions continue to struggle as rampant inflation has left essentials costing more than ever before. Household bills, groceries, mortgages, and rents have all hit record highs, contributing to the ongoing cost of living crisis. The situation is dire, with many families facing tough decisions about their finances. It's crucial to understand not only the current economic landscape but also the support available for those in need.
In August, inflation dropped to 1.7 percent, below the Bank of England’s target for the first time in over three years. While this is a positive sign, it does not mean that prices will decrease; rather, they are simply rising at a slower pace. As the government prepares to respond to this economic climate, there are essential financial supports that families should be aware of.
Recent research highlights that nearly half of people receiving Universal Credit ran out of food in the previous month, according to The Trussell Trust. The charity has reported that 68 percent of low-income households struggled to afford essentials over the past six months, indicating a growing need for assistance. Understanding the available benefits and support systems can empower families to navigate these challenging times.
What You Will Learn
- The impact of inflation on household expenses in the UK.
- Current financial support options for low-income families.
- Details about benefits and assistance programs available this November.
- How the new Labour government plans to tackle the cost of living crisis.
