Cost of living crisis: Brits face 'painful winter' warns expert
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Mr Stewart discussed what possible changes the British Government can make to help the most vulnerable in society, who are being affected the most.
The economist claimed that people will have less money this winter as they will have to spend more money on day-to-day necessities.
Mr Stewart explained how implemented tax cuts along with fuel duty cuts could help to ease the burden.
The cost of living crisis is set to worsen over the next coming months as inflation has begun to soar.
Presenter Cristo Foufas said: “I think it’s knocking on half the amount that we pay for petrol, goes directly into the Government pocket, from fuel duty and VAT.
“So, they’re making money from this, just finally what does that mean, all that we’ve discussed for the pound in people’s pocket when they’re trying to budget every week.”
Mr Stewart told Talk TV: “It means at the moment they’re going to have less money available to them because they’re now having to spend more money on day-to-day necessities.
“Previously inflation affected people with a lot more money, your high priced goods got more, this is the other way around.
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Mr Stewart added: “Your low-cost goods affecting those people at the weakest set of society, who are being really hammered for this, and we see nothing really to provide them with that sort of support.
“What more can they have, the tax cuts you’ve already talked about already in terms of fuel duty and elements like that, you could raise also the minimum levels as well.
“And you could do this for a fixed period of time, so during… I would suggest a two-year three-year window of this, and then you could actually start withdrawing and adjusting it.
“But at the moment they’re not using the right tools to try and help those people, this winter is going to be very painful, it’s that tiresome phrase heating or eating, but it’s absolutely vital to those people.
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As inflation has skyrocketed to 11 percent and food prices are predicted to reach 15 percent this summer, many more people are expected to be hit by the cost of living crisis.
Chancellor of the Exchequer Rishi Sunak has been trying to combat the effects by offering funding schemes to the most vulnerable.
Around 80 million pensioners are expected to receive an extra £300 for their energy bills from between November and December this year.
Mr Sunak said: “We have a responsibility to protect those who are paying the highest price for rising inflation, and we are stepping up to help.
“In July over 8 million people will get their first £326 payment to help with rising prices, as part of a package worth at least £1,200 for vulnerable families. I said we would stand by people when they needed help, and we are.”
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Other financial experts have been urging Britons to prepare themselves for things to get worse towards the end of the year.
The Chief Executive of the Taxpayers’ Alliance John O’Connell has been pushing for Mr Sunak to do more to help those who are struggling.
Speaking to express.co.uk, Mr O’Connell said: “If things are as bad as the economic indicators say, now is the time for the government to be bold.
“Now is the time to help households with the cost-of-living crisis by bringing forward the income tax cut and doubling it.”
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