Category Archives: UK cost of living crisis

Nadhim Zahawi: is new chancellor going to change direction on economy?

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Analysis: Rishi Sunak’s successor treading tightrope between spending to keep PM in power and dealing with economic crisis

Should he remain in the job for longer than some political commentators expect, Nadhim Zahawi faces a balancing act as chancellor. He must walk the line between doing what it takes to prevent the political implosion of Boris Johnson’s government, and dealing with the worst succession of economic shocks to hit Britain since at least the 1970s.

As the fourth Conservative chancellor in as many years, parachuted in after Rishi Sunak resigned with a stinging critique of Johnson’s devil-may-care attitude towards tax and spending, Zahawi is expected to face heavy pressure from the prime minister to cut taxes to revive the economy.

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Children in England ‘increasingly worried about impact of cost of living’

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The children’s commissioner for England urged MPs to take urgent steps to tackle child poverty

The children’s commissioner for England has called on the government to develop urgent plans to tackle child poverty, amid the cost of living crisis that is hitting the most vulnerable in society hardest.

Rachel de Souza said children were increasingly worried about the soaring price of basic essentials and the impact on their lives, telling MPs on the Commons education committee that urgent steps were required to tackle poverty ahead of a difficult autumn for families.

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Sainsbury’s boss warns UK living costs squeeze will ‘only intensify’

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UK’s second-biggest supermarket says it will invest £500m to keep prices low as Marks & Spencer echoes outlook for coming months

The inflationary pressure on households will “only intensify” through the rest of this year, the boss of Sainsbury’s has warned as he said the supermarket would invest £500m in attempting to keep prices low.

The dour sentiment was echoed by the chair of Marks & Spencer, Archie Norman, who told shareholders at the retailer’s annual general meeting on Tuesday that there was a “coming winter in consumer demand”.

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UK cost of living crisis putting strain on domestic abuse refuges, says charity

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Rising prices have created greater demand for sanctuary and made it more difficult for people to leave

Refuges providing sanctuary to victims of domestic violence are facing severe strains as a result of the cost of living crisis, a charity has warned.

Rising prices are creating a greater demand for refuge spaces, as increased financial pressure acts as a trigger for abusive partners, while making it more costly for those already in refuge to leave, according to Hestia, a charity providing support to those fleeing domestic abuse in London and south-east England.

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Average UK house prices face slowdown despite hitting record high

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Weakening economy, cost-of-living squeeze and rising interest rates are cooling market, index shows

Annual house price gains across the UK have slowed for a third month as the weakening economy, cost of living squeeze and rising interest rates started to have an impact on the property market.

The average UK house price hit a new record high of £271,613, but there are “tentative signs of a slowdown,” Nationwide building society said.

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