Households facing “double-whammy” of high inflation and looming tax rises

The latest UK consumer price inflation (CPI) figures, published today by the Office for National Statistics, show that CPI rose to 5.4% in December, up from 5.1% in November, its fastest pace for 30 years.

Joanna Elson CBE, chief executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: “Household budgets are facing a double-whammy of high inflation and looming taxes rises this year.

“This is creating a perfect storm for household budgets – our concern is that this will tip many more households into financial difficulty in the coming months.

“It has never been more important to make sure people receive the free debt advice that can turn their situation around.  I would urge anyone who is worried about their finances to seek free, independent debt advice from a charity-run service like National Debtline as soon as possible.”