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As the Tories continue the battle for Number 10, ordinary people are wondering what the next Prime Minister will do to solve the seemingly unending cost of living crisis. Energy bills are now expected to rise to more than £3,500 on average per year when the energy price cap announcement is made next month.<\/p>\n
Martin Lewis has now urged the “zombie government” to not wait until the end of the Tory leadership contest to decide on help for households, as oil companies post billion pound profits while British people suffer.<\/p>\n
But the two remaining candidates, Liz Truss and Rishi Sunak, are divided in their approach to tackling the crisis, as inflation is likely to reach ten percent when the new Prime Minister is appointed.<\/p>\n
Experts have spoken to Express.co.uk on what needs to be done to get Britain out of economic dire straits.<\/p>\n
Victor Trokoudes, CEO and Co-founder at Plum, has called for another package of cash help for households will be needed to offset the huge pressures on ordinary people’s finances.<\/p>\n
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He told Express.co.uk: “There has already been one significant package of support on energy bills, and there needs to be more help soon ahead of energy bills rising again.<\/p>\n
“Targeting that help is critical so the people most in need of support receive it.”<\/p>\n
“While a VAT cut can help, it could mean that people who aren’t facing cost-of-living challenges may benefit the most, for example wealthier people living in larger houses who use larger quantities of energy.<\/p>\n
“Ways that more generous energy rebates could be targeted to people less able to pay their bills are through universal credit payments or a creating a bespoke social tariff for households in fuel poverty, as recently suggested by the business and energy select committee.”<\/p>\n
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Another issue for Britons is the rise in the tax bill, after former Chancellor Rishi Sunak put taxes up for the UK’s workers with his National Insurance rise.<\/p>\n
Liz Truss has positioned herself as the candidate for a low tax state by pledging to bring National Insurance down, reducing green levies and fuel duty.<\/p>\n
James Andrews, personal finance expert at Money.co.uk, told Express.co.uk that the Government has options to alleviate the crisis by lowering taxes.<\/p>\n
He said: “The new leader of the Conservative Party might not be able to bring wholesale prices down but, when it comes to alleviating the pain for consumers, they do have options.<\/p>\n
“Subsidies or cuts to taxes and duties on fuel would have the biggest immediate impact and could save households hundreds, or even thousands, of pounds.<\/p>\n
“Reassurance that essential bills won’t rise would also give people the confidence to go out and spend, rather than hoard any spare cash, which is what the country needs if growth isn’t going to grind to a halt.<\/p>\n
DON’T MISS<\/strong> “It’s expensive to do in the short term but could help save the country from recession and families from choosing between heating and eating in the short term.<\/p>\n “That means it could well be a price worth paying in exceptional circumstances like these.”<\/p>\n The final nail in the coffin of the ordinary Brits finances is the skyrocketing cost of food.<\/p>\n Personal finance expert and MD at My Favourite Voucher Codes, Julian House, told Express.co.uk: “Another key policy the next government need to consider is the spiralling cost of food.<\/p>\n “The average annual amount we spend on groceries is set to increase by £271.<\/p>\n “To tackle this, the government should consider cutting tariffs on food that needs to be imported into Britain – as these tariffs are a major contributor to the projected rise in overall costs.<\/p>\n “Either way, consumers are set for one of the most important leadership races of a generation, with two, starkly contrasting possibilities set to no doubt shake up the average UK consumer and their day-to-day spending.”<\/p>\n
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