People in Britain are demanding lower company and income taxes, but it is doubtful that this will happen very soon. There are articles on the BBC website about how to deal with rising living costs. Tips on what to do if you can't afford to pay your mortgage, five methods to save money on your packed lunch, food-saving techniques, and even strategies to minimize electricity and heating costs at home.
The BBC even provides a meal plan for six people for one pound. Due to rent rises, there are approximately 66-year-olds living in vans, a nine-year-old without a bed, and a person who feeds their cat before themselves. The BBC has predicted that price increases will slow soon, but once prices rise, they tend to remain up.
Not only are food prices rising, but so are mortgage rates, particularly in London. It's no surprise that 700,000 households failed to make their rent or mortgage payments in April. This indicates that 3.6% of people failed to make their rent or mortgage payments. The statistics, however, suggest that it is considerably higher for renters, at 5.2%.
In the previous month, nearly six out of ten consumers had to make modifications to pay necessary expenses such as electricity, housing fees, groceries, school supplies, and prescriptions. People are making drastic cuts just to afford the necessities of food, energy, and shelter.
It's disturbing that the first UK mortgage provider since the 2008 financial crisis is suddenly offering 100% loans. It's similar to what happened in 2008 when 100% loans were made available. People are unable to make the average deposit, which is now 17 years.
To summarise, growing living costs in Britain have created major financial challenges for many people, particularly those who are struggling to make ends meet. Despite calls for lower taxes, this is unlikely to give immediate assistance. The availability of 100% mortgage loans by mortgage lenders is worrying since it could lead to another financial disaster.
Source:
Neil McCoy-Ward, 9 May 2023, "A Dire WARNING For UK Citizens...",
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