This week’s bumper interest rate rise will further turn the screw on many households by pushing up borrowing costs, just as soaring food prices have helped take UK inflation back above 10%. Meanwhile, typical energy bills this winter are set to be virtually double what they were last winter, and could jump again in the spring. There were also warnings this week that tax rises are on the way.
Against this backdrop, many households need to act now to get through the worst cost of living crisis in decades, say experts.
