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Cost of living crisis: UK end 2022 in economic misery

Saturday, 24 December 2022 1:57 AM [ Last Update: Saturday, 24 December 2022 1:57 AM ]

Robert Carter

PRESS TV, London

2022 has been dominated by a cost-of-living crisis, and the figures are staggering. Inflation is running at a double-digit pace, the highest in 40 years and far outpacing wage growth. While food prices have shot up almost 20% and the cost of heating a typical home has jumped more than 150%.

As temperatures plummet below zero and desperation rises, key sector worker unions have launched mass strike actions to pressure the government to raise wages.

The government has pinned much of the blame on economic recovery from the Covid era, however, critics say it’s ruling Conservative incompetence and leadership instability that has left the economy in a dire state.

A lesser-discussed reason for a Europe-wide crisis is the ongoing Ukraine war. Britain has remained a staunch supporter of continued fighting, even upping it’s shipments of arms and financial support.

Fuel prices, food costs, energy bills, low wages, strikes and inflation have all marred 2022. Does the current government have what it takes to resolve these issues in 2023? Perhaps, bit not without major cost to the taxpayer.

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