![]() ![]() We have been working as part of the London 3.0 initiative to think about the nature of poverty in London and the extent to which London can (and should) aspire to be an equitable city. It is impossible to know how prices will change this year, but assuming they continue to rise at the same rate, shoppers could be feeling the pinch even more by the end of 2022.Alongside the climate emergency, inequality and poverty will be the most significant and defining challenges for London over the coming months and years. Food billsĬonsumer price inflation for food and non-alcoholic drinks rose by 4.2% in the year to December, and some experts predict grocery bills could rise further in the coming months. Similar size rises are expected in Scotland and Wales.Ī 3% rise would add nearly £5 a month to the average Band D council tax bill in England, which was £1,898 a year in 2021-22. ![]() ![]() Many are expected to raise it by the maximum amount after losing precious revenue due to the Covid-19 pandemic. Council TaxĬhancellor Rishi Sunak revealed in his October Budget that local authorities in England could increase Council Tax by up to 3% without a referendum this April. Scottish peak and off-peak regulated fares went up by the same amount this month. Ministers announced last year that fares will increase by 3.8% in March, and while this applies to “regulated” fares in England such as season tickets and long distance returns, similar price hikes are expected elsewhere. Just as millions of workers are expected to rejoin daily commutes as they head back to the office, rail fares are also expected to rise. Additional weekly payments on any profits over £6,725 will also rise from £3.05 to £3.15. This would see the NI contributions of someone earning £30,000 go up by around £18 a month.įor the self-employed, the rate would go up from 9% to 10.25%, and from 2% to 3.25% respectively on the equivalent levels of profit. Last year, the Government said it would bump up National Insurance (NI) contributions to shore up the finances of a severely overstretched NHS and social care sector.įrom this April, the NI rate for employees is set to rise from 12% to 13.25% on incomes of £9,880 to £50,270 a year, and from 2% to 3.25% on anything earned over that. Most mortgages are on fixed rates, although people on such deals could be hit by the bank rate rise when these expire. Variable rate mortgages are likely to mirror the 0.25 percentage point rise, meaning someone borrowing £140,000 over 20 years on a standard variable rate of about 3% could see their monthly payments rise by nearly £20. In February, the Bank of England is expected to announce that it will raise its main interest rate from 0.25% to 0.5% in a bid to tackle rising inflation. Three-bed home is up for sale in Greater Manchester for just £1.Six things we're paying more for and why as inflation rises. ![]() This could push the average household energy bill from £1,277 a year to more than £1,900, or roughly £50 extra a month. Regulator Ofgem is set to announce the latest changes in February, but analysts are predicting that household energy bills will increase by around 50% for customers on standard variable and default tariffs. This is expected to hit consumers in April when a rise in the price cap – which limits the amount that can be charged per unit of gas and electricity – comes into effect. Soaring wholesale gas and electricity prices have seen swathes of energy suppliers going bust in recent months. ![]()
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