Watch live: Sky’s DermotMurnaghan hosts a live Q&A on the cost of living crisis as inflation hits a fresh 40-year high
Families are facing a £1,300"bombshell" from a combination of tax hikes and inflation, the Liberal Democrats have claimed.
And Lib Dem spokeswoman Christine Jardine said:"Rishi Sunak and the Conservatives are standing by while millions of people suffer from eye-watering levels of inflation.The Liberal Democrats said that the hit to families from soaring food and fuel prices was being nearly doubled by a £640 increase in national insurance, income tax and VAT this year.
More than 500 items make up the official inflation"shopping basket" that the Office for National Statistics uses to work out the overall figure. For example, the finance provider might temporarily reduce the monthly cost of the lease. If this extends the term of the lease, meaning the monthly payments will last longer, then check how much more the lease will cost over the term of the contract.
Labour leader Sir Keir Starmer said:"There's a huge problem facing the country and all he's interested in doing is blaming everyone else. Can't he hear the country screaming at him, get on with your job? Whilst he blames everyone and anyone, working people are paying the price." "What we're also trying to do is cut the cost of transport which is a big part of people's weekly outgoings by reforming our railways. That's what we're trying to do, but he's standing with the strikers and lifting the cost of transport for everybody, that's the reality."Food costs have increased, but you won't notice the fastest price rises at the supermarket.
Figures from data firm Experian show the average price of a litre of diesel at UK forecourts reached a new high of 197.1p on Tuesday.Twelve months ago the prices were 133.5p for diesel and 131.1p for petrol. "It now seems we've reached the current petrol peak, so we expect to see the big four supermarkets start to cut their prices.
Rishi Sunak has defended the government's plan to increase the state pension in line with inflation despite refusing to do the same with public sector pay.That means next April's pension increase is set to be determined by the rate of inflation in September, which is currently expected to be around 10%.
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