.png)
1 month ago
18
It's nearly five years since then Prime Minister Boris Johnson declared that the UK would be entering a lockdown to curb the spread of coronavirus. This brought about numerous changes for Londoners, some of which have reverted back to normal since 2020 - but one persistent change seems to be the continuous rise in prices.
Have your say! How have your finances changed since 2020? Have you had to change your lifestyle? Are you more savvy than you used to be? Comment below, and join in on the conversation.
Before the first lockdown in 2020, Covid-19 was already causing global disruption, affecting international travel and trade. However, the introduction of restrictions in the UK had a significant impact on businesses and consequently, people.
The government introduced furlough payments to mitigate the risk of millions suddenly finding themselves jobless, but many still found themselves unemployed despite this. Pubs, restaurants, and other businesses reliant on face-to-face interaction were particularly affected by the abrupt changes, despite the support available. These businesses have continued to struggle, burdened by escalating food and energy costs.
The phrase "cost of living crisis" began embedding itself in public consciousness back in 2021, highlighting the troubling scenario where prices for basics and energy were rising faster than incomes. Fast-forward to the next year, and financial worry had enveloped many, with a shocking report from the Office for National Statistics revealing that half of the population fretted over their money matters almost daily.
The stress ramped up further following world events such as Russia's incursion into Ukraine.
During these tough times, authorities dished out support to help folks keep their heads above water amid escalating costs, though much of this aid has wound down now. There were bill reductions, rebates aplenty, and even ex-PM Liz Truss during her brief tenure proposed to cap energy bills for about 18 months, offering relief at the crest of the price hike wave.
But even with these supportive gestures, inflation and persistent supply chain woes have kept jacking up living expenses, sending prices for everyday supermarket items through the roof. To make matters worse, recent increases in council tax pile on the burden for families already seeing their spending power dwindle.
Have your say! How have your finances changed since 2020? Have you had to change your lifestyle? Are you more savvy than you used to be? Comment below, and join in on the conversation.
Get the top stories from across London directly to your inbox. Sign up for MyLondon's The 12 HERE to get the biggest stories every day
English (US)