UK households have paid extra £13,961 on bills since 2021 amid soaring inflation, TUC says
Trades Union Congress urges chancellor to tackle rising additional living costs in this month’s budget UK households have paid almost £14,000 on average in additional costs for mortgages, loans, energy and water bills over the past five years, according to a report urging the chancellor to tackle soaring living costs at the budget. With less than a fortnight before John Healey’s first budget as…
Since 2021, UK households have faced an average extra £13,961 in costs for mortgages, loans, energy and water bills, the Trades Union Congress (TUC) reported. This figure represents an additional £2,792 per year, driven by soaring inflation following the pandemic and conflicts in Ukraine and the Middle East. The TUC urged Chancellor John Healey to address the living cost crisis in his upcoming budget, citing the weakest growth in consumer spending among G7 nations since before the pandemic.
TUC General Secretary Paul Nowak emphasized that working people have suffered the consequences of various crises, stating, "When the crackpots in the White House or the Kremlin launch an illegal war, everyone pays the price in their bills." Healey pledged to provide households with breathing space in his budget but acknowledged limited resources to mitigate the global economic shock.
The International Monetary Fund advised Healey to remain focused on cutting the budget deficit amid rising borrowing costs. However, Healey faces pressure to support households and businesses before winter, with predictions that consumer energy bills could reach £2,000 annually. The Confederation of British Industry and the IPPR thinktank recommended measures such as reducing employer national insurance contributions, lowering business electricity costs, and introducing a rent stabilization mechanism.
Written by urgent.news from Guardian Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
