The UK's cost of living crisis has affected millions across the country - and the outlook for 2023 looks increasingly grim, as experts fear it could last until the second half of the year. 2022 is likely to be remembered for the sharpest drop in household incomes on record due to the dramatic surge in inflation rates sparked by the Russian invasion of Ukraine.
Experts fear the current cost of living crisis is likely to last until the second half of next year, but inflation levels may not return to previous norms until 2024.
MoneySavingExpert founder Martin Lewis has been a pivotal figure in offering crucial financial advice and warnings to struggling families to help them get through the worst of crisis. His expertise was recognised at the National Television awards where he lamented a "pretty horrible year financially" and warned of a brutal 2023, Lancs Live reports.
