Cost of living crisis: The upcoming dates you need to know about
Autumn of bleak economic forecasts lies ahead as new PM enters Downing Street with plenty to do
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Your support makes all the difference.Autumn is just around the corner, bringing falling leaves at a time when seemingly everything else in Britain, bar wages, is going up.
Inflation has soared to a 40-year-high of 10.1 per cent, the price of staple groceries, clothing and fuel continues to climb and energy bills are about to go stratospheric.
This year’s season of mists and mellow fruitfulness looks bleak indeed, unless you inexplicably happen to be a big fan of Liz Truss or strikes, with Britain’s sickly economic situation likely to get a good deal worse before it improves.
The mid-winter World Cup in Qatar might provide a novel distraction but, other than that, you’re on your own.
For those feeling brave, here are a number of key dates upcoming over the next four months that will have significant ramifications for the country’s immediate future.
26 August 2022
Ofgem makes its latest energy price cap announcement, to come into effect from 1 October, which is widely expected by analysts to take the maximum amount utility companies can charge customers on standard tariffs rocketing to £3,600.
5 September
The Conservative Party announces who will be its new leader and Britain’s next prime minister, succeeding Boris Johnson, the aforementioned foreign secretary or ex-chancellor Rishi Sunak, a Sliding Doors moment for the country and its response to the economic crisis. The new school year will also be beginning that Monday for many families, meaning further expenses in the shape of new uniforms, equipment and supplies.
15 September
The Bank of England’s Monetary Policy Committee gives its latest update on interest rates. Having already pushed them up to 1.75 per cent in August, it could do so again to 2.25 per cent.
20 September
The first £150 cost of living payment goes out to those on disability benefits, following on from the first instalment of the £650 for families on means-tested support back in late July. That saw £326 dispatched, with the remaining £324 to follow this autumn.
1 October
The new energy price cap announced by Ofgem comes into effect.
19 October
The Office for National Statistics unveils September’s inflation figure, which will then be used to determine the rise in the state pension that will come into play in April 2023. With the “triple lock” back following a pandemic suspension (guaranteeing an increase in line with inflation, the average wage increase or 2.5 per cent, depending on which value is the highest), pensioners could see a double-digit rise.
Late October/early November
The autumn budget is usually scheduled to take place at this point of the year, outlining the government’s fiscal agenda for the next six months, although the new PM might well prefer to call an emergency budget well beforehand, in light of present circumstances. Whether current chancellor Nadhim Zahawi will still be in No 11 to announce it to the House of Commons remains to be seen.
3 November
The Bank of England gives another update on interest rates and, given the dire current forecasts, a further rise could well be on the cards.
24 November
Ofgem, everyone’s favourite energy industry regulator, will announce its next rise in the price cap, due to come into effect on New Year’s Day. If current predictions prove accurate, it could be as high as £4,200.
November/December
Pensioners receive their £300 cost of living payment, which will automatically be added on to their Winter Fuel Payment, effectively doubling its value – some help amid the abiding mood of gloom. Meanwhile, the Christmas shopping season will be upon us, running from Black Friday to Christmas Eve, placing a further strain on over-stretched household finances.
15 December
The middle of the month sees 2022 clawing its way heaving towards the finish line with one further interest rate announcement from the Bank of England, hardly likely to be good news. A rise in rail fares will also be announced, due to come into effect in March 2023, so there is that to look forward to as well.
1 January 2023
The latest energy price cap rise comes into effect, as nasty a hangover to begin the New Year with as you could ask for. Millions would be forgiven for retreating back to bed with a pint of tapwater and an aspirin.
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