By Legal Futures Associate Tower Street Finance
Unless you have been out of the country for some time, you’re probably aware of the growing issue around the cost of living. The increased cost of living is creating real hardship for many and, sadly, the forecast is that tougher times are ahead.
What’s driving the cost of living increase?
Inflation has been soaring over recent months creating a real impact on everyone’s pockets. It’s now at its highest rate since 1981.
There have been many factors influencing the increase. Including:
- Covid: Placed huge pressures on the world economy due to labour shortages and supply chain disruption.
- Brexit: Added to the shortage of labour and created further supply chain challenges during the translon and beyond
- Fuel prices: The price at the petrol stations has seen huge increases this year as the price of crude oil has gone up.
- Energy prices: Have increased and are forecast to continue to rise to unprecedented levels.
These are just some of the factors which have seen the cost of goods and services increase disproportionately to wage growth. More recently we have also seen the Russian invasion of the Ukraine create further shocks to the world economy. Ultimately, this puts much more pressure on the income of households.
Dicky Davies, Business Development Director at Tower Street Finance said: “Households are facing huge challenges for the foreseeable future. The coming months will be challenging for everyone.
“Sadly, we can’t help everyone during these tough times, but we are able to help people who are going through Probate and estate administration.
“If you’re due an inheritance, we can help you access it quicker with our Inheritance Advance product. If you’re the executor of an estate trying to sort funeral costs, IHT and other expenses we can help with those as well through our IHT Loan or Estate Expense Funding products.”
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