What is the cost-of-living crisis?
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In recent years, you might have heard a lot about the ‘cost-of-living crisis’ in the UK, especially in news segments, social media, and even discussions among friends and family. This term refers to the increasing difficulty people face as the cost of everyday essentials like food, energy (gas and electricity), and housing continues to rise, while their incomes don’t keep up at the same pace. This squeeze on budgets affects everyone, and it’s a key topic that’s shaping the country’s economic conversations today.
Understanding the basics
Before delving deeper, let’s break down what we mean by ‘cost-of-living’. Simply put, it refers to the amount of money needed to cover basic expenses such as housing, groceries, taxes, healthcare, and transportation in a specific place and time. The crisis occurs when these costs escalate faster than people’s wages and other sources of income, making it increasingly difficult to manage day-to-day expenses.
What’s driving the cost-of-living crisis?
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