Tax hikes and rising housing expenses are forcing up living costs at more than twice the inflation rate.
The figures from CompareTheMarket.com show the average household now spends £845 a month on bills, up 5.7 per cent on a year ago.
Insurance premium tax has increased three times since November 2015, doubling from 6 to 12 per cent. Rising house prices are forcing people to take up higher mortgages, and home and motor insurance costs are also accelerating. The average electricity and gas bill has also risen sharply, further adding to pressures placed on households.
Commercial director Simon McCulloch said the rising cost of staples such as housing, energy and driving are outstripping wage growth: “However, households could save hundreds by taking the time to search for better deals on energy, insurance, mortgages and groceries.”
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If you would like to have a confidential discussion about any aspect of your personal financial situation or that of your business, contact Andy Pear or Mike Solomons at BM Advisory. Your initial consultation will be free of charge and without obligation, and we will discuss your individual situation and advise the best course of action. Alternatively, please contact your usual Beavis Morgan Partner.
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