Households facing “triple threat” of rising inflation, energy price hikes and tax increases
The latest UK consumer price inflation (CPI) figures, published today by the Office for National Statistics, show that CPI rose to 5.5% in January, up from 5.4% in December.
Joanna Elson CBE, chief executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: “Households are facing a triple threat from rising inflation, energy price hikes and upcoming tax increases. For the many people whose budgets are already at breaking point, this is an incredibly worrying time, made harder knowing that energy prices are set to skyrocket in the coming months.
“Government support announced last week, will help a little but will not be enough.
“Further action, including significantly uprating benefits and increasing support through the Warm Homes Discount is needed now to prevent more people being pushed into financial difficulty.
“We are already seeing the impact at National Debtline and Business Debtline, with incomes not able to keep pace with the rising cost of essentials.
“I would encourage anyone worried about their finances to seek, free independent debt advice as soon as possible.”