The Cost of Living Crisis: The Cost, Cost, and Cost
The UK has seen its fair share of challenges since 2020. With the pandemic taking charge, a series of unfortunate events followed soon after. From having three Prime Ministers in a year to the Queen’s passing, the sterling took a deep dive following political and economic uncertainties. Now, the nation is challenged with its biggest issue yet: the cost of living crisis.
The cost of living crisis (CoL) began in late 2021 as an effect of the pandemic. Inflation was at an all-time high, causing a rise in prices and a fall in the public’s real disposable income. In other words, there was a significant increase in the cost of living compared to the previous year, creating an economic gap that has only worsened.