It may be April Fool's Day, but there's not much to laugh about as every household in the UK woke up to hikes in essential bills such Council Tax and water, with more to follow later in the month.
The planned increase in the Energy Price Guarantee was scrapped in the Spring Budget, with the cap for the average household remaining at £2,500 until July, but family budgets will still be squeezed by increasing costs, most of which kick in from today, April 1.
Research from Comparethemarket.com has revealed that households are braced to find an extra £200 extra per month to cover the hike in bills and families with children expect to need an additional £238 per month. The figures came from the comparison website's Money Action Index, which tracks the proportion of households who are concerned about the rising cost of living and are taking action to get their finances under control.
