Cost of living crisis: The upcoming dates you need to know about

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Autumn is just around the corner, bringing falling leaves at a time when seemingly everything else in Britain, including bar wages, is on the rise.

Inflation has jumped to a 40-year high of 10.1 percent, prices for basic food, clothing and fuel continue to rise, and electricity bills are about to skyrocket.

This year’s season of mists and ripe fruitfulness is looking really bleak, unless you’re inexplicably a big fan of Liz Truss or the strikes, as the ailing economic situation in the UK is likely to get much worse before it gets better.

The midwinter FIFA World Cup in Qatar might be the new distraction, but otherwise you’re on your own.

For those feeling brave, here are a number of key dates coming up over the next four months that will have significant implications for the country’s immediate future.

August 26, 2022

Ofgem announces its latest energy price cap that will come into effect on October 1st. Analysts expect the maximum amount that utilities can charge customers at standard rates to soar to £3,600.

September 5

The Conservative Party announces who will be its new leader and the next British Prime Minister, succeeding Boris Johnson, the aforementioned foreign secretary or ex-Chancellor Rishi Sunak. Sliding doors moment for the country and its response to the economic crisis. The new school year will also begin this Monday for many families, which means additional costs in the form of new uniforms, equipment and supplies.

September 15th

The Monetary Policy Committee of the Bank of England has published the latest data on interest rates. Having already raised them to 1.75% in August, he could do it again to 2.25%.

September 20

The first £150 living wage will be paid to those receiving disability benefits, after a first installment of £650 for families receiving means-tested support as early as the end of July. £326 has been sent and the remaining £324 will follow this fall.

October 1

The new energy price cap announced by Ofgem comes into effect.

October 19

The Office for National Statistics is releasing inflation data for September, which will then be used to determine the state pension increase, which will come into effect in April 2023. With the return of the “triple lockdown” after the suspension of the pandemic (guaranteeing an increase in inflation, an increase in the average wage or 2.5 percent, whichever is the highest), retirees could see double-digit growth.

End of October/beginning of November

The autumn budget is usually scheduled to be passed at this point in the year and sets out the government’s budget program for the next six months, although a new prime minister may well prefer to announce an emergency budget well in advance in light of current circumstances. It remains to be seen whether current chancellor Nadhim Zahavi will remain at number 11 to announce it in the House of Commons.

the 3rd of November

The Bank of England publishes another update on interest rates, and given the gloomy current forecasts, further growth is possible.

November 24

Ofgem, the energy industry’s beloved regulator, will announce its next price cap hike, effective on the first day of the New Year. If current projections prove accurate, the amount could rise to £4,200.

November December

Retirees are getting their £300 living wage payment to be automatically added to their winter fuel bill, effectively doubling its cost – some help in the face of continued gloom. Meanwhile, the Christmas shopping season will come from Black Friday to Christmas Eve, putting additional stress on overburdened household finances.

December 15

In the middle of the month, 2022 is making its way to the finish line with yet another interest rate announcement from the Bank of England, which is unlikely to be good news. There will also be an increase in rail fares that will come into effect in March 2023, so there is something to look forward to.

January 1, 2023

The latest increase in marginal energy prices is coming into effect, the most nasty hangover for the start of the New Year that one can dream of. Millions of people will be forgiven for going back to bed with a pint of tap water and aspirin.

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