UK households could find themselves £1,200 poorer this time next year as fears continue over a UK recession.
The Office for Budgetary Responsibility has said people will see a serious impact to their bank accounts in the next 12-months, BirminghamLive reports. The cost of living crisis already has a tight grip on households right across the country, with people being forced to choose between heating or eating.
With energy prices soaring, household bills rocketing and petrol prices at an all-time high, many will be finding themselves in financial hardship. This has not been helped by increasing council tax and national insurance contributions or rising grocery bills and there are fears that the UK faces a crippling recession.
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The watchdog added: "Many threats remain, with rising inflation potentially tipping the economy into recession, continued uncertainty about our future trading relationship with the EU, a resurgence in Covid cases, a changing global climate and rising interest rates all continuing to hang over the fiscal outlook."
Treasury minister Simon Clarke added: "The government is ensuring it continues to support people and the economy in the face of global pressures and uncertainty while reducing debt", as Labour’s Shadow Chancellor Rachel Reeves said: "We need a serious plan for growth and a stronger, more secure economy."
The ECHO has previously reported that Martin Lewis issued an urgent warning for people to prepare for the increasing energy bills headed their way.
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