Rising Prices - Rising Confusion
By Isla Gotterson
Cost of living is an issue at the moment that a lot of adults are struggling with. I'm here to dive deeper into the situation and help children gather a brief understanding of the issue.
Boris Johnson's administration explains that the rises are necessary to pay for the large public spending increases viewed during the covid outbreak. Where did the money go? Vaccinations, furlough wages, supporting small businesses and funding people through the lockdown period was a significant area of spend.
Families are finding that money is short too because when we couldn't go anywhere and had to stay at home for our own safety and to help people with high risks, so we spent money on TV subscriptions: Netflix, Disney+, Amazon Prime, Now tv and many more that slowly added up. Along with food deliveries like Tesco shops but also Deliveroo and restaurant takeaways. As a result peoples' spending has increased and now they are having to cut back.
Our next factor is the oil demands. Oil has been in high demand recently due to the conflict in Ukraine and trying to gather food and supplies to send to them. as many countries are banning Russian oil imports. Meanwhile businesses are facing increased transport and energy costs, combined with supply shortages as well.
The average household is now paying on average £60 more per month for their gas and electricity because of the 54% increase to the energy price cap that was introduced at the start of April. Some are paying more than double their previous rate. Council tax, national insurance, mobile, broadband and water bills also went up in April amid a backdrop of soaring inflation (BBC News, Elizabeth Anderson.)
If you have any thoughts on the rise in the cost of living, please get in touch we would love to hear your thoughts.
By Isla Gotterson
Cost of living is an issue at the moment that a lot of adults are struggling with. I'm here to dive deeper into the situation and help children gather a brief understanding of the issue.
Boris Johnson's administration explains that the rises are necessary to pay for the large public spending increases viewed during the covid outbreak. Where did the money go? Vaccinations, furlough wages, supporting small businesses and funding people through the lockdown period was a significant area of spend.
Families are finding that money is short too because when we couldn't go anywhere and had to stay at home for our own safety and to help people with high risks, so we spent money on TV subscriptions: Netflix, Disney+, Amazon Prime, Now tv and many more that slowly added up. Along with food deliveries like Tesco shops but also Deliveroo and restaurant takeaways. As a result peoples' spending has increased and now they are having to cut back.
Our next factor is the oil demands. Oil has been in high demand recently due to the conflict in Ukraine and trying to gather food and supplies to send to them. as many countries are banning Russian oil imports. Meanwhile businesses are facing increased transport and energy costs, combined with supply shortages as well.
The average household is now paying on average £60 more per month for their gas and electricity because of the 54% increase to the energy price cap that was introduced at the start of April. Some are paying more than double their previous rate. Council tax, national insurance, mobile, broadband and water bills also went up in April amid a backdrop of soaring inflation (BBC News, Elizabeth Anderson.)
If you have any thoughts on the rise in the cost of living, please get in touch we would love to hear your thoughts.