{"id":441,"date":"2022-11-10T16:14:25","date_gmt":"2022-11-10T16:14:25","guid":{"rendered":"http:\/\/churchillrecoverysolutions.co.uk\/blog\/?p=441"},"modified":"2022-11-17T16:40:56","modified_gmt":"2022-11-17T16:40:56","slug":"cost-of-living-increase","status":"publish","type":"post","link":"http:\/\/churchillrecoverysolutions.co.uk\/blog\/cost-of-living-increase\/","title":{"rendered":"Cost of living increase"},"content":{"rendered":"

A recent article rom the BBC has suggested that millions now have no savings as prices soar<\/strong><\/p>\n

A quarter of UK adults have less than \u00a3100 set aside in savings, a survey suggests, leaving them vulnerable to rising and unexpected bills.<\/strong><\/p>\n

The lack of a financial safety net means many have to borrow money to cover any extra costs, creating greater anxiety about their plight.<\/p>\n

This latest survey of 3,000 people found that 17% – or one in six – of those asked held nothing in savings. Another 5% had less than \u00a350 and a further 4% had between \u00a350 and \u00a3100 set aside.<\/p>\n

If those figures reflect the UK as a whole, then millions of people will have little or nothing as a savings buffer.<\/p>\n

Today it was announced that there would be an increase cost of \u00a3900 living payment for millions of people.There will also be \u00a3300 for pensioners and \u00a3150 for those on disability benefits<\/p>\n

The Chancellor told MPs that “for the most vulnerable we will introduce additional cost of living payments next year, of \u00a3900 to households on means-tested benefits; \u00a3300 to pensioner households; and \u00a3150 for individuals on disability benefit.<\/p>\n

Mr Hunt also said he had accepted a recommendation to increase the national living wage by 9.7%, making the hourly rate \u00a310.42 from April 2023. He also announced that he would increase working age and disability benefits in line with inflation, with a rise of 10.1%, costing \u00a311 billion.<\/p>\n

The Chancellor said he will increase state pensions in line with inflation in April, announcing the “biggest ever cash increase in the state pension”.<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent article rom the BBC has suggested that millions now have no savings as prices soar A quarter of UK adults have less than \u00a3100 set aside in savings, a survey suggests, leaving them vulnerable to rising and unexpected bills. The lack of a financial safety net means many have to borrow money to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,3,225,76,45,52,46,62,111,117,77,58,20,51,47,132,226,19,21],"tags":[75,68,8,86,93,9,10,87,24,227,69],"class_list":["post-441","post","type-post","status-publish","format-standard","hentry","category-avoiding-debt","category-churchill-recovery","category-cost-of-living","category-debt-collection","category-debt-collection-agencies","category-debt-collection-company","category-debt-recovery","category-debt-recovery-processes","category-late-paying-client","category-late-paying-customer","category-late-payment","category-late-payment-interest","category-recession","category-recover-payments","category-recover-your-debts","category-recovering-debt","category-uk-debt","category-uk-debt-levels","category-uk-recession","tag-business-debt","tag-churchill-recovery","tag-debt-collection","tag-debt-collection-agencies","tag-debt-collection-company","tag-debt-collection-procedures","tag-debt-collection-tips","tag-debt-recovery","tag-late-payment","tag-uk-debt","tag-uk-debt-levels"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t