| December 29, 2021   Families face a cost-of-living 'catastrophe' next year as soaring energy bills and tax hikes slash household budgets by £1,200, economists have warned.
Real wages are already falling as the end of 2021 approaches, and spending power is set to stagnate next year as inflation jumps to 6 per cent in the spring – its highest level in almost three decades.
By the end of 2024, real wages are set to be £740 a year lower than if the UK's already sluggish pre-pandemic pay growth had continued, a report from the Resolution Foundation said.
Spiralling living costs will cancel out average pay rises in 2022, which is set to be the "year of the squeeze", characterised by higher taxes and almost zero growth in household earnings, according to the report.
April is expected to be a crunch point, when consumers are hit with huge rises to gas and electricity bills at the same time as a hike in national insurance contributions.
 Government says it is keeping figures under review, but has promised no fresh restrictions before new year  Spain, France, Italy, Portugal and Greece are among countries not currently recognising UK badges  Anyone who has information on her whereabouts is urged to call the police immediately on 999, quoting log number 0222 of 20/12/21  First week of 2022 will also bring 'corridor of thicker cloud and rains', Met Office says
The Big Question  How bad is cryptocurrency for the environment? Cryptocurrency, often just called crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies are popular because they don't have a central issuing or regulating authority, instead using a decentralised system to record transactions and issue new units. They have soared in popularity – and volatility – over the past few years, but the environmental consequences of the phenomenon has come under scrutiny. Cryptocurrency mining is the process of generating new units of cryptocurrency by solving complex puzzles. Critics say the process is environmentally unsound because the process of mining uses a lot of computer equipment and is highly energy-intensive. According to the Cambridge Center for Alternative Finance, this mining consumes about 110 Terawatt Hours of power per year, or 0.55 per cent of the world's energy production.
NUMBER OF THE DAY 15C Forecasters at the Met Office believe the final day of the year could even see highs of 15C in some parts of the UK – far above normal average temperatures for the festive period, which typically fall between 7C and 8C in the south.
QUOTE OF THE DAY "I try to avoid anything green. I think it's working." – Betty White has shared her secrets to a long, healthy life ahead of her 100th birthday, with the actor joking that one of her tips is to "avoid anything green" in her diet
Other stories you might like
 Articles available exclusively to subscribers  James Moore, The Independent: How can hospitality recover from the labour shortage?
If you can spare a minute we'd love your feedback on our newsletters.  Join the conversation or follow us
Please do not reply directly to this email
If you do not want to receive The Independent's Morning Headlines newsletter, please unsubscribe.
If you no longer wish to receive any newsletters or promotional emails from The Independent,
This e-mail was sent by Independent Digital News and Media Ltd, 2 Derry Street, London W8 5HF. Registered in England and Wales with company number 07320345.
|
2021/12/29
Cost-of-living ‘catastrophe’ set to squeeze the country
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Keep a civil tongue.