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Cost Of Living

It’s been a hard year for households up and down the UK.

A number of factors, global and domestic, have led to the UK suffering through a cost of living crisis. Resulting in steep price rises for essential products and services, most notably, energy, petrol and food. The energy price cap, which already rose 12% in October 2021, skyrocketed after the Russian invasion of Ukraine, with an increase of 54% in April 2022.

The stress on global energy markets has been felt, to some degree, in almost every country in the world. Especially those that were directly importing fossil fuels from Russia.

Petrol prices, which had fallen slightly during the Covid pandemic, rose steeply again as the world reopened and suppliers struggled to keep up with demand.

This factor, paired with domestic issues, such as Brexit dropping the pound to a very low rate against the US dollar, meant that petrol prices reached a record high and the cost of fuelling an average family car topped £100.

Surging food prices are also heavily linked to the Covid pandemic, Brexit and the War in Ukraine.

A perfect storm of pressure on businesses, staff shortages and rising costs of fertiliser has seen food staples increase sharply.

The government’s response to Russia has been firm, however, this does nothing to allay the spiralling costs for UK households.

The government’s response to the energy crisis has been lethargic at best and no new initiatives seem to be forthcoming to change that assessment.

Alleviating the cost of living

Small payments to offset energy rises for families on benefits are welcome, but not a viable long-term strategy.

Fortunately, there are a number of ways that consumers can take the initiative, invest in their own energy independence and save money and the environment at the same time.

Switching to renewable energy systems, electric vehicles and implementing smart technology in your home or business are the key methods to achieving energy independence and avoiding being held hostage to global factors outside of our control affecting your spending power.

When carefully considering any investment in your property it is worth remembering that average saving calculations are based on the price of energy and petrol today, not taking into account future increases.

With the energy cap set to rise exponentially again in October, now is the best time to upgrade your home, obtain energy independence and drastically reduce your carbon footprint.

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Lowering cost of living

Find out how renewable energy systems and smart solutions can alleviate the spiraling costs of energy bills.

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