April’s 13.25% National Insurance hike faces axe – Sunak has two weeks to act | Personal Finance | Finance

The cost of living crisis is set to intensify, at breakneck speed.

Last week people were talking about energy bills hitting £3,000 a year. Now they’re talking about £4,000.

A couple of days ago, the RAC warned a litre of unleaded petrol could cost £1.60. Now it could blast through £2 or even £3.

Together Russia and Ukraine together supply around 15 percent of the world’s wheat, but the widening conflict will hit production. That means even higher food prices.

Our shopping bills are set to jump by £180 this year, according to analysts Kantar.

In my view, inflation will rocket past 10 percent.

Chancellor Rishi Sunak couldn’t have picked a worse time to inflict a string of tax hikes. They will land in less than a month, on April 6.

Although he has stuck by the NI hike in public, in private he’s anxious as pressure grows for him to scrap it.

Sunak must listen.

Source link