UK could see ‘catastrophic’ cost of living rise in 2022

The next year the British would be greatly affected by the increase in energy prices and taxes. This comes from a study conducted by the think tank Resolution Foundation, which declares, neither more nor less, a “Disaster” at the cost of living. The study doesn’t happen in four ways: 2022 will be the year for the British when the post-Covid crisis is most felt and it is in the spring that promises to be particularly difficult. Prices will continue to rise, especially for energy. Inflation was announced in April at 6%, its highest rate since 1992.

Taxes will also increase simultaneously: an increase in the housing tax, the VAT rate for hospitality and accommodation. Dividend tax rates should also be increased.

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These combined effects would have financial implications of the order of £1,200 per family per year. Salaries will continue to stagnate, should they remain at their current level by the end of next year.

government will have to compensate

This situation will particularly affect low-income households, who are most affected by rising electricity bills. To compensate for the study that doesn’t hesitate to call the actual “Disaster” The Resolution Foundation believes that the government will have no choice but to compensate by lowering taxes and capping energy prices.

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