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  1. Cost of Living Crisis

Cost of Living Crisis

The ‘cost of living’ refers to the price of things around the world and how much money people have to spend on essentials. The ‘cost of living crisis’ refers to the fall in ‘real’ disposable income that the UK has experienced since late 2021, which is making it difficult for people to afford food, fuel and basic household items. This crisis is being caused predominantly by high inflation outstripping increases in wages and benefits, and has been further exacerbated by recent tax and energy price increases. Read more about the cost of living crisis here.