UK households have paid an average of £13,961 in additional costs since 2021, the Trades Union Congress says. Its analysis of official figures covers mortgages, loans, energy and water bills, and puts the extra cost at £2,792 a year.
The TUC is urging Chancellor John Healey to address the pressure in his 28 October budget. It says strained household finances are curbing spending and that UK consumer spending has grown more slowly than in any other G7 country since before the pandemic.
Healey has pledged to give households more financial breathing room, but has warned that the government has limited resources to cushion Britain from global economic shocks. The TUC’s estimate describes additional costs over five years, rather than a single year’s increase.
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