Britain’s real economic pain starts today. Overnight, the cost of living has jumped once again: energy, water, broadband, public transport, TV licences – all up. So too are council tax bills, capital gains, and vehicle taxes. And that’s before we even get to the slow stealth march of fiscal drag.
Last week, the Office for Budget Responsibility warned that inflation will hover close to 4 per cent this year – driven by higher food and energy prices – and won’t fall back to the Bank of England’s 2 per cent target until 2027. One of the biggest culprits? Energy. Ofgem’s latest price cap hike – up 6.4 per cent – adds £111 to annual dual-fuel bills, bringing the average to £1,849. Analysts had expected a 5 per cent rise, but Ofgem blamed ‘rising global wholesale prices’ for the steeper increase. Worth remembering, too: Britain’s energy prices remain four times higher than America’s thanks to years of short-term thinking and net zero zealotry.
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