The cost of living could rise at its fastest rate for 30 years, the government’s forecaster has warned.
Its latest forecast says inflation, which measures the change in the cost of living over time, is set to jump from 3.1% to an average of 4% in 2022.
However, the Office for Budget Responsibility says figures released since its report was compiled suggest inflation could hit almost 5%.
The chancellor acknowledged that household budgets are strained.
If you are struggling with the cost of living and need to downsize to a smaller property, it is a good idea to do so. It will reduce your outgoings and help you feel more financially stable. You might end up buying somewhere that needs renovating, which can be cheaper than buying a new home. You can use portable toilet suppliers
, paint the rooms yourself, and live with friends to make life easier and ensure the renovations are done quickly so you can move in and start saving sooner.