The financial squeeze is set to make 2023 a ‘groundhog year’ for many families.
A think-tank has warned that families are facing a "groundhog year" as further squeezes on living standards look set to continue into 2023. The Resolution Foundation said that while there are signs inflation will ease and interest rates peak lower than feared, family finances face a repeat of 2022's cost of living challenges.
This comes despite benefits and the National Living Wage being set for rises of 10.1% and 9.7% respectively in April, it said. The typical household energy bill is set to rise to £2,450 in 2023, up from £1,550 in 2022, and £1,170 in 2019, the Foundation said. Top Money Stories Today Findings from a new Resolution Foundation-commissioned YouGov survey of 10,470 adults show that people are over four times as likely to think that their financial situation has become worse rather than better over the past year.
"2023 should see the back of double-digit inflation, but it looks set to be a groundhog year for many families whose incomes look set to fall by just as much as they did in 2022.
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