Rising costs

[FreshandLively]

I know everything's going up, from essentials in the supermarket to the price of a pint in the pub. I know there's been a lot of talk about increased energy costs, but I've had a nasty shock today when I've seen the impact actually written down!

My fixed rate gas and electricity tariff ends this month. To move to their new cheapest deal my annual costs go from £1500 pa to £3200. That's much more than the 50% increase that's been talked of (and is because I'm currently paying below the price cap on my existing fixed rate).

I've also had my house insurance renewal which has gone up 25%. I've challenged it and they've knocked off £15, so I'll have to shop around but it sounds like it's going to be a lot more.

My employers are still arguing about the difference between a 1.5 and a 2% payrise for last April!

I'll be "OK" in that there's some flex in the household budget , although obviously leaves less for luxuries, but surely for lots of families this is an absolute disaster?

Do you think "they" will have to take some action on the energy costs?

What's your most shocking cost increase?

That's because the expected 50% increase is a 50% increase on the current cap to the expected cap in April. What you are comparing there is a cheap fixed rate which is well below the current cap and a new fixed rate - which is set more that the expected cap.

Yes, didn't I say that?

Yes but the cheap fix is only half the story a new fix also comes at a premium and isn't good value for most. That's why it's much more than 50%. It hasn't been misrepresented. Although I agree it's a shock.

Yes, I've decided that for now I shall do nothing and go with the variable rate on the current cap.

There just must be so many people for whom this is a disaster that surely the government will have to do "something" to help when the cap ends.

It's not just energy though, it's everything.

I know it's shocking. I think "cost of living crisis" seems to roll off the tongue of MPs with a shrug. But all these rises really hit at the heart of people's sense of security - food, energy, mortgage interest rates, clothing that will rattle a lot of people who have otherwise got by without too much worry ...like you, I think it's being underplayed.

All the interventions I've seen suggested by the government seem like low level tinkering that won't touch the sides, mutterings about green levies and such.

@FourTeaFallOut

I know it's shocking. I think "cost of living crisis" seems to roll off the tongue of MPs with a shrug. But all these rises really hit at the heart of people's sense of security - food, energy, mortgage interest rates, clothing that will rattle a lot of people who have otherwise got by without too much worry ...like you, I think it's being underplayed.

All the interventions I've seen suggested by the government seem like low level tinkering that won't touch the sides, mutterings about green levies and such.

Yes, I'm one of those reasonably comfortably off people, living well within my means who generally feels untouchable about inflationary rises, but this is starting to make a difference even for me. It's actually brought a tear to my eye thinking about what the implications must be for some.

Yes, that's us too. I suspect by the time all our costs go up it will quickly amount to several thousand more than this time last year. Some families will struggle more, some will struggle for the first time, some will adapt and some will barely register the difference.

I'm not sure whether this can all change without some serious social consequences but then I wonder if I'm catastrophising - I mean, I don't see the level of concern I have reflected around me. Just a few posts on MN that are fairly unpopulated

Yes, I'd be one of those. Until today , when I had it laid out in front of me, it was just small rises (in my head) that we'd have to deal with or drink less beer!

Lots of people won't have fully seen the impact yet.

My energy company went bust in November , the new company still haven't told me what my direct debit will be or when it's going out . I'm normally quite a chilled person but I feel genuinely worried after my friends has gone from £62 to £162 for a tiny 2 bed house . Petrol prices are ridiculous, everything seems to be going up , it's depressing .

I've had to refuse to put the heating on. Sat at a desk at home all day is cold, lonely and miserable.

I feel like I should be able to afford to heat one room when I am sitting working but I can't. It enrages me the expense. And I'm not even badly off or scraping to make ends meet!

I'm just exhausted with everything. I feel like there have been so many world events decisions of politicians in the last 15 years that have fucked us - 2008 crash, austerity, brexit, Corona. In fact the whole of my adult life has been a struggle because of these things!

But people still voting the same way! When is it going to change???

Council tax increases every year

Petrol is still increasing

Insurances, I shop around every year to find a better deals

Electricity increased

Wages - minimal increase

Savings - poor interest rates

@FourTeaFallOut

I keep coming here looking for threads about this, and other current topics, but they are really few and far between. IDK if people on here aren't talking about 'serious' stuff as much, or if the posts are pushed off into the zillions of subject-specific boards. I used to come on here or AIBU as soon as I read about something big in the papers, knowing that there would be a lively, informed, occasionally batshit, debate going on. Now.. tumbleweed mostly.

The base rate could be up to 1% by the end of the year, that would be a big jump on last year's mortgage for anyone on a variable rate.

Yeah, maybe workwoes123? I don't know. Perhaps people are just resigned to it?

I'm a single income household and this is going to batter me. I'd just got to the point of a small amount of disposable income, and that's now going to disappear.

I’m still trying to work it out as it’s hit us massively the past 2 month. It’s the food and petrol what has impacted us oh and the rent it’s gone up £17 a month! Stressed to the hilt!