The cost of living is rising at its fastest pace for 40 years and economists warn prices will increase further this autumn — with some fearing that annual inflation could hit 15 per cent.
On this week’s episode, presenter Claer Barrett hears how the soaring cost of fuel, energy bills and food is causing podcast listeners to cut back in other areas to balance their budgets.
As more workers threaten to strike unless their pay keeps pace with inflation, what are your chances of getting a raise — and how else could the big squeeze affect your savings, investments and the property market?
Chris Giles, the FT’s economics editor, explains what’s causing the price rises and, in turn, why this is pushing up interest rates — and how effective this might be in getting inflation under control.
Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, notes how all of these pressures are being reflected on world stock markets, as well as looking at strategies people are taking with cash savings and mortgages.
And with talk of tax cuts dominating the race to be Britain’s next prime minister, how could higher inflation stealthily increase the amount of tax we’re paying — not to mention student loan repayments?
If you would like to be a future guest on Money Clinic, email the team via firstname.lastname@example.org or send Claer a DM on social media — she’s @Claerb on Twitter, Instagram and TikTok.