UK households have paid extra £13,961 on bills since 2021 amid soaring inflation, TUC says
Summary
UK households have paid nearly £14,000 more on average for mortgages, loans, energy, and water bills since 2021 due to rising inflation. The Trades Union Congress (TUC) urged Chancellor John Healey to take measures in the upcoming budget to help with the cost of living crisis.Key Facts
- UK households have spent an extra £13,961 on bills since 2021, about £2,792 more per year.
- Rising inflation is linked to the pandemic exit and wars in Ukraine and the Middle East.
- Mortgages alone cost an average of £9,034 more since 2021, or about £1,806 extra yearly.
- Consumer spending growth in the UK is the weakest among G7 countries since before the pandemic.
- The Chancellor plans a budget on 28 October to help households but has limited resources.
- There are calls to reduce energy bills, cut employer national insurance, and lower business costs.
- Think tanks suggest raising taxes on wealth to fund support measures like capping rents and energy bills.
- Inflation and higher interest rates have increased costs for both homeowners and renters.
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