Metro

These are the three main financial issues facing the new Prime Minister

Metro logo Metro 05.09.2022 19:36:48 Sarah Davidson
Truss needs to get these sorted as quickly as possible (Picture: Reuters)

Today's the day.

We found out earlier that it's now 'Time for Truss' - after Liz Truss was named the next UK Prime Minister.

But there are a few key issues she needs to tackle when comes to helping us manage our (rapidly running out) money.

There are three main issues dominating her in-tray.

Top of the agenda is deciding how to stop a total disaster this winter when energy bills rise to more than £3,500 a year on average. Worse is set to come in January and April when bills are predicted to scale £6,000 for a typical household.

So, what are the options? Here's what I think the government should be considering:

Liz Truss says that she'll cancel Rishi Sunak's National Insurance hike so that people have 'more money in their pockets'. Problem is, undoing the NI rise might make a bit of a difference for some people, but not enough.

It does nothing to help anyone on benefits or in low-paid jobs. It probably does help businesses who would save on employment costs. They might even afford staff pay rises.

We still have to worry about all the teachers, port workers, train drivers and support staff, criminal barristers, Royal Mail workers and staff at BT striking over jobs and wages. Broadly, they want to earn more to pay for the rising cost of living. We all need more pay because inflation is heading for 13%.

Stuff that cost a pound this time last year will cost £1.13 by October. If City analysts are right, that will be £1.18 by the new year. It means someone earning £30,000 last year needs their pay to rise to £35,400 by January to afford the same lifestyle.

Get your need-to-know latest news, feel-good stories, analysis and more by signing up to Metro's News Updates newsletter

lundi 5 septembre 2022 22:36:48 Categories: Metro

ShareButton
ShareButton
ShareButton
  • RSS

Suomi sisu kantaa
NorpaNet Beta 1.1.0.18818 - Firebird 5.0 LI-V6.3.2.1497

TetraSys Oy.

TetraSys Oy.