National Statistics | Cost of living: A third of people have cut back on necessities

More than a third of people across England, Wales, and Scotland are cutting back on food and essentials to help with the cost of living, a new survey has shown.

The Office for National Statistics study revealed that for some groups, the number was much higher.

These included renters, persons with disabilities, and people who made less money.

It happens at a time when the UK is anticipated to have its longest recession since 2008 this year.

According to the most recent ONS data, 9 out of 10 persons, or around 46 million people, experienced an increase in their cost of living in the previous month.

According to a study conducted between the end of March and June 19th, more than half of people—roughly 6 in 10 of those between the ages of 55 and 74—are reducing the amount of gas and electricity they use at home.

The statistics also indicated that 57% of those whose costs of living had increased spent less on non-essential things, and 42% reduced the number of non-essential car trips.

"We have continually taken action to help households by phasing in £37 billion worth of support throughout the year, which includes specific support to help people through the difficult winter ahead," a government spokesperson said. "Everyone will receive £400 over the winter to help with energy bills."

The pace at which prices are rising, or inflation, is anticipated to reach more than 13%, the Bank of England said yesterday.

As a result, it declared that it will raise the interest rate to 1.75%.

By raising the cost of borrowing and encouraging people to spend less and conserve more, the Bank hopes to reduce inflation.

Those who hold loans, including mortgages, will be impacted by the higher interest rate. The BBC was informed by Kayleigh Farmer that she and her spouse are cutting back after their monthly mortgage payments increased by £270.

It's a significant additional expense, she adds, adding that this prevents her and her family from enjoying any holidays or extras they would like to.

The ONS study found that among people whose costs of living were rising, almost a quarter said they had used savings to pay for expenses, and 13% said they had used more credit than usual.

According to Paul Johnson of the Institute for Fiscal Studies, the government will need to provide more assistance to individuals in need.

"We're stuck with most of the inflation that's coming for the next year or two," he says.

As energy prices continue to rise, "we will need to spend a lot more money assisting households for the balance of this year and next."

#Thestatisticsalsoindicated #Asenergyprices #includingmortgages

Read more Latest Business News , Today Politics Headline , Today Finace News Update ,Latest Social News Update , World News Highlight , Entertainment Latest News , Today Sports News Update , Education Latest Update , Real Estate Today Update