As if things aren't tough enough already
Families in the UK face being £1,200 worse off in 2023 as fears of a forthcoming recession impacting people's bank accounts grow.
The Office for Budgetary Responsibility has said 2023 could see households £1,200 poorer. The watchdog said: “Many threats remain, with rising inflation potentially tipping the economy into recession, continued uncertainty about our future trading relationship with the EU, a resurgence in Covid cases, a changing global climate and rising interest rates all continuing to hang over the fiscal outlook.
Labour's Shadow Chancellor Rachel reeves has said a 'serious plan' is needed to make the economy more secure. Simon Clarke, treasury minister, said: "The government is ensuring it continues to support people and the economy in the face of global pressures and uncertainty while reducing debt."This news comes as bills look to get even higher with the price cap going up in October. Both energy prices and supermarket prices are soaring, BirminghamLive reports.
There are warnings the war in Ukraine could lead to crop shortages, inflation is up, council tax has increased, and so have National Insurance contributions. It is going to be a tough year for many families.
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