Ten things that could cost more this year - from passports and council tax to beer and petrol
Millions of households across the country will see a wide variety of goods and services increase in price this year due to a worsening cost of living crisis.
To help you better prepare your finances over the next 12 months, we've broken down all the things in the UK that are expected to increase in price. Council tax A major hike in council tax payments is expected this year. While Council tax is decided by individual local authorities, government rules dictate that councils can hold a local referendum to decide if they want to increase council tax by more than 3 per cent in a year.
That's because a 23 per cent increase in fuel duty could be implemented in March, according to the Office of Budget Responsibility . The OBR states the price of petrol and diesel could be raised by as much as 12 pence a litre. "This would be a record cash increase" said the OBR's Economic and Fiscal Outlook which was published in the backdrop of Mr Hunt's Autumn Statement.
Water supplier Castle Water predicts that bills could increase by as much as 13 per cent in April, based on the BofE forecast and the current PR19 revenue control for water networks. Customers on Rateable Value tariffs - otherwise referred to as 'Unmeasured' on bills - will be hit hardest by water bill increases.
This means the cost of repaying a mortgage will increase dramatically. For example, in the case of a 25-year capital and repayment mortgage, the monthly mortgage repayment on the same mortgage could increase by £220 .Broadband and phone bills Many of Britain's major telecom providers adjust their prices in line with the Consumer Price Index or Retail Price Index.
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