The Cost of Living Crisis UK: When Will it End?
Anyone living in the UK will be aware that life isn’t getting any cheaper. Everyday there are new emails hitting our inbox telling us that our subscription costs are going up ‘for reasons beyond their control’. Netflix, Amazon Prime, Disney+… all going up. Insurance costs, food prices – and what can we say about petrol, gas and electricity?! More and more players are using their spare change at online casinos – with the hope of getting a bit of a win to just boost their bankroll even a little. But as fun as that is – it’s not exactly a long term solution. So, when will it end? Why do we seem to be suffering more than the rest of Europe – and are we actually suffering more?
A Worldwide Problem
If you haven’t managed to hit a win at the online casino sites, then the good news is that you aren’t alone – this is an issue that has spread across Europe and there is some help at hand for residents of the UK.
Currently, households that are on tax credits and income-related benefits are eligible to receive a one-off £650 cost of living payment. There is an additional £150 disability payment and a £300 pensioner payment. Furthermore, all households will receive a £400 discount on electricity bills. Earlier in the year, there was also a £150 council tax rebate for banks A-D (although some are still awaiting it). But is this enough compared to what is happening in other countries?
Let’s take a look at our neighbours over the water. Ireland is also giving out assistance – and has dished out energy credits and reduced tax on electricity, gas, diesel and petrol. They have also cut fares on trains and buses. This, in itself, has saved the average person £403.
Every household was given €200 energy credit in April along with between 9% and 13.5% cuts in VAT, set to save the average household €70 on electricity and €50 on gas. Public transport costs were cut 20% and fuel duty was cut by 20 cents per litre for petrol and for diesel it was cut 15 cents per litre. Indeed, the deputy Prime Minister of Ireland claimed to be doing a lot more than the UK – although this assertion hasn’t been verified or debunked just yet.
So, how about German efficiency? Well, the leaders of the country passed a number of measures to help alleviate the problem in July. This saw the €9 ticket scheme, covering a month of travel on all modes of public transport which runs until the end of August.
During the summer months, there will also be a cut on fuel tax – although there isn’t much to stop fuel companies keeping the profits and they haven’t made a great deal of difference. They have also implemented a number of one-off payments. Those in gainful employment will be given a €300 lump sum for their energy bills through their employers payroll which will be reclaimed from the government. Freelance workers will get €300 off of their advance income tax payment. Anyone on social welfare can claim €200 whilst one-person households will receive a €270 p/m subsidy, €350 for a two-person household with an additional €70 per person for larger households.
When Will it End?
But when will it end? Although the rest of Europe is in the same position, that doesn’t help us right now. Spain is also trying to help its people, France is ploughing in money on nationalising their energy to help and every country is feeling the pinch. However, for now it seems that help is all we can hope for. There doesn’t seem to be an end in sight and it just seems to be a matter of gritting our teeth, hoping the governments pull together and help the people… and simply trying to be a little more thrifty. Hopefully, better times are to come – in the UK and across the world!