Struggling UK families are spending their evenings at McDonald’s to cut energy costs. They do so amid the highest inflation rate in 40 years. Now Britons are way past energy-saving tricks to handle skyrocketing costs.
People are buying their kids a Happy Meal for a few quid and keeping them warm inside. Then they wash and brush their teeth in the sinks and watch television for hours on the free WiFi.
The recent surge that brought consumer prices to their current 40-year high was driven by rising energy bills. The energy price cap for a typical British family rose by £693 (about $860) in April, a 54% increase.
An Ipsos UK survey published by Sky News indicated that 65% of Britons have refrained from turning on their heat in an effort to save money, and that one in four have even skipped meals.
According to analysis by the Resolution Foundation, a British think tank focused on improving living standards for low-to-middle income people, inflation is 10.2% for the poorest 10th of British households, significantly higher than the 8.7% seen by the top 10%.
Inflationary pressures are likely to continue to grow through the year as the effects of higher energy prices continue to work their way through businesses and into consumers’ pockets.
One thing is certain, the government must now also provide further targeted support for those lower income families at the sharp end of this crisis, instead of supporting businesses, while the super rich still get richer?
The UK’s inflation was driven by the draconian Covid-19 pandemic measures, as well as the unprecedented sanctions on Russia regarding the ongoing intervention of Ukraine.
The measures appear to have backfired on some of the countries that imposed the embargoes, resulting in skyrocketing prices for food, energy, and other consumer goods.
RT. com / ABC Flash Point WW III News 2022.