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British energy costs expect to skyrocket
(MENAFN) According to a new analysis released by the Trades Union Congress (TUC) on Friday, energy costs in the United Kingdom are predicted to cost more than two months of the typical take-home pay in the next year.
According to the TUC, based on projections from the Bank of England, the average monthly take-home income (after taxes) is going to be pound2,054 in the upcoming year. “So, at pound4,108 (USD5,000), two months’ pay will be less than the pound4,200 (USD5,100) predicted cost of energy bills per household in 2023.”
The most recent prediction, made by independent energy consultant Auxilione in the United Kingdom, is even more pessimistic: it projects that energy costs is going to reach pound5,000 (almost USD6,100) in 2019.
The union group described the cost-of-living situation this winter as a "emergency of pandemic scale" and demanded a number of actions to halt it. The recommended actions include scrapping the October energy cost cap hike, moving the national minimum wage increase from next April to this October, and supporting public sector employee pay increases that maintain pace with inflation.
According to the TUC, based on projections from the Bank of England, the average monthly take-home income (after taxes) is going to be pound2,054 in the upcoming year. “So, at pound4,108 (USD5,000), two months’ pay will be less than the pound4,200 (USD5,100) predicted cost of energy bills per household in 2023.”
The most recent prediction, made by independent energy consultant Auxilione in the United Kingdom, is even more pessimistic: it projects that energy costs is going to reach pound5,000 (almost USD6,100) in 2019.
The union group described the cost-of-living situation this winter as a "emergency of pandemic scale" and demanded a number of actions to halt it. The recommended actions include scrapping the October energy cost cap hike, moving the national minimum wage increase from next April to this October, and supporting public sector employee pay increases that maintain pace with inflation.
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