After work in the evenings, Nicola Frape turns off the heating and huddles under a blanket with her daughter and a hot water bottle. Adding a layer costs nothing, she says, but leaving the boiler on drains her inflation-hit bank account.
Treats such as cinema tickets have been scrapped as the 38 year-old care worker's food and fuel bills climb, and she has tried to cancel her pay-TV service but cannot get through to her provider: she assumes everyone is doing the same thing.
Frape says spending on food and petrol has already risen by 20 pounds a week. She and her 14-year old daughter have had to limit car journeys to help accumulate some savings for April. The little flags pinned to a wall map that show their previous holiday destinations are unlikely to be added to this year.
The CPI is set to top 7% in April. The BoE thinks it will then start to slow but will still be above 5% in a year's time. Governor Andrew Bailey drew howls of protests from unions this month when he called for restraint in pay talks.Lower-income households are feeling the inflation pinch harder than higher earners, many of whom made big savings during the pandemic on commuting, holidays and going out.
It will spread some of the fuel price increase over the coming years and cut a tax for people in lower-value properties to provide support through 2022.
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