Furlough Scheme, Vat Holiday Universal Credit Uplift, and Stamp Duty Holiday are all over
October appears to be a critical month for the UK’s finances as household costs rise while government cut back on support for households.
Furlough Scheme, VAT Holiday, Universal Credit Uplift and Stamp Duty Holiday all end on September 30th.
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The energy price cap arrived on October 1, raising costs by £140.
Furthermore, food costs are rising, leading to increased issues with ongoing supply chains.
The end of Furlough Scheme is expected to lead to an increase in people becoming redundant.
“The latest figures show that 1.6m people are still full, and even the Bank of England bosses are hoping for a surge in unemployment as the scheme is closing,” said AJ Bell individual. says Laura Starr, finance director.
The energy price cap will increase the average customer’s bill by £140 from October 1, but many will rise far more than this.
“It would normally be much better to unlock the standard variable tariffs on providers and lock them up with fixed rate transactions, but the energy market is very troublesome at the moment so we don’t offer fixed trading at a lower price than energy. There’s no one. Cap,” Starr says.
“This means that when we head into the cold months, everyone needs to face an upward energy bill. If the transaction closes, we will be able to do a fixed-rate transaction at a cost higher than the current price. You need to weigh whether you want to secure it or not, or you can stick to the energy price cap rate and gambling, with gas prices coming up soon in recent years.”
Anyone who has been to the supermarket recently may have noticed that their weekly bills are rising.
“The combination of shipping issues, driver shortages, supply chain issues and demand leaps all led to price spikes. In July we saw the biggest monthly food costs increase.” Suter says.
“We can’t directly fight price increases, but we can reduce food prices. There are many offers for first-time use of online grocery delivery services, which allow you to get the right discount at the shop. It’s sexual. Or you can go back to the old fashioned way of sticking to your list, meal planning, and budget.”
