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Shadow treasury minister Abena Oppong-Asare said: "Families and pensioners are worried sick about how they'll pay their ...
11/08/2022

Shadow treasury minister Abena Oppong-Asare said: "Families and pensioners are worried sick about how they'll pay their bills, but the prime minister and chancellor are missing in action.

"The fact they're both on holiday on the day the Bank of England forecasts the longest recession in 30 years speaks volumes about the Tories' warped priorities."

Energy bills have already risen sharply this year, squeezing household incomes and leading to slower growth for the UK e...
10/08/2022

Energy bills have already risen sharply this year, squeezing household incomes and leading to slower growth for the UK economy.

Russia has reduced supplies to Europe as it wages war in Ukraine and fears are growing it may switch off the taps altogether.

Chancellor Nadhim Zahawi said he was confident the action the government was taking meant it could overcome the economic...
09/08/2022

Chancellor Nadhim Zahawi said he was confident the action the government was taking meant it could overcome the economic challenges.

But both Mr Zahawi and Boris Johnson were criticised by Labour for being on holiday when the Bank detailed its gloomy outlook.

Mr Zahawi insisted he was still working and had a call with Governor Andrew Bailey after the interest rate announcement....
08/08/2022

Mr Zahawi insisted he was still working and had a call with Governor Andrew Bailey after the interest rate announcement.

"For me, like I'm sure lots of others, there is no such thing as a holiday and not working. I never had that in the private sector, not in government," he said.

He added: "The privilege and responsibility of public service means that you never get to switch off, that's why I have had calls and briefings every day and continue to do so."

Rebecca McDonald, chief economist at the Joseph Rowntree Foundation, said "staggeringly" high inflation was "going to hi...
06/08/2022

Rebecca McDonald, chief economist at the Joseph Rowntree Foundation, said "staggeringly" high inflation was "going to hit low income families hard".

"Many took on credit to pay their bills and are falling behind on their payments. This will be much harder to pay off with higher interest rates putting more families in financial peril."

"At present I repay around £1,800 a month but I have worked out that I will conservatively need to pay another £250 a mo...
05/08/2022

"At present I repay around £1,800 a month but I have worked out that I will conservatively need to pay another £250 a month to keep up with the debts," he said.

"I will simply have to tighten my belt and be extra cautious in my spending, which means all of those non-essential items will be cut from my budget."

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