With increasing costs continually putting pressure on household finances, 2023 is set to be a financially challenging year for many. It’s therefore now more important than ever to take control of your finances to successfully navigate the cost-of-living crisis.
After months of rising prices, this fast-approaching festive season may be a daunting prospect for many when we consider what is usually spent on purchasing gifts, clothing, and decorations, as well as nights out or hosting Christmas dinner. For example, the Bank of England estimates that we spend on average almost £740 more in December, which is 29% more than a typical month.
Inflation in the UK was at a 41 year high in October at 11.1% and is expected to remain high for some time, intensifying the existing cost-of-living crisis. It is a difficult time for many people, but what about those planning to retire?
The Chancellor Jeremy Hunt has today delivered his Autumn Statement setting out details of his proposed tax rises and spending cuts to raise £55bn to support the UK’s public finances.