As April approaches, many households are understandably concerned about the impact of the rising cost of living on them. With petrol prices at record highs (a petrol station in Wales had fuel at 199.9 pa liter this weekend) and letters warning of massive increases in gas and electricity bills , it’s a worrying time – a food bank described this weekend how a teenager collapsed from starvation.
Chancellor of the Exchequer Rishi Sunak announced a number of economic decisions in the spring budget. Of these, the National Insurance contribution threshold will rise to £12,570, which may affect how much you pay in taxes and other bills. Sunak defended the package after being criticized for not going far enough to help those at risk of falling into poverty, or sinking deeper, due to the rising cost of living.
Mr Sunak said: ‘I can’t protect them from absolutely everything we’re facing’, adding that he knew mounting financial pressures were ‘people’s main concern right now’. The Office for National Statistics (ONS) recently revealed that consumer price inflation – a measure of the rate of increase in the price of goods and services – hit 5.4% in December, its highest level since 1992. And household budgets are expected to be even tighter. this year with price increases expected in various sectors of the economy.
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We’ve updated our cost of living calculator to reveal how much extra money you could be paying on bills and taxes starting in April. The calculator takes into account changes to national insurance. The calculator will load here, just fill in the details to know the financial impact you face: