Britain is facing the highest rates of inflation since the early 1980s, with households suffering the biggest hit to their incomes since modern records began. The government has announced billions of pounds in emergency financial support, but has faced heavy criticism over its handling of the cost of living crisis as millions struggle to afford the basics. The forecasts show just how many people will fall into the red, at least temporarily, as incomes struggle to match the rising cost of living. “The current crisis is painful for households, but it should start to ease next year. Income data is for UK non-pensioners after housing costs, while the inflation rate excludes housing cost changes.

Source: The Guardian June 22, 2022 03:46 UTC