Families facing £1,300 bombshell from inflation and tax hikes

Millions of families are struggling to make ends meet as inflation and tax hikes take a toll. The Lib Dems have called on the Government to act now!

By Sheffield Liberal Democrats, Jun 23, 2022 10:06

Worried-looking woman with her hand to her head.

Families are struggling with the cost of living crisis and the Government has failed to act.

ONS data reveals that a typical household now spends £5,780 a year on food, drink and clothing - £425 more than a year ago.

The hit to families from soaring food and fuel prices is being practically doubled by an additional £640 in extra National Insurance, Income Tax and VAT this year.

All in all, families are facing a near £1,300 bombshell from inflation and tax hikes!

Christine Jardine MP, Liberal Democrat Treasury Spokesperson said, "Rishi Sunak and the Conservatives are standing by while millions of people suffer from eye-watering levels of inflation. How do they think ordinary families are going to find this extra money?"

The Liberal Democrats have called on the Government to implement an emergency budget that would cut VAT from 20% to 17.15% and scrap the National Insurance tax hike which would save families a combined £660.

Christine Jardine MP continued, "This Government has hiked taxes at every chance, refusing to slash them to help with the cost of living emergency. Even when we know slashing VAT is a sure-fire way to help families while keeping inflation under control.  

"The Chancellor, his Prime Minister and his colleagues continue to fail the British people when they need support, if they had any sense or any soul they would implement an emergency budget to cut taxes.”

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