Families left ‘worse off under Tories’ as monthly bills soars by £350 since 2021/22

Labour has accused Rishi Sunak of leaving ‘families in Britain worse off,’ as new analysis shows that monthly bills for the average household have soared by £350 since 2021/22. 

Ahead of the release of July’s inflation figures, analysis by the Labour Party reveals that if inflation changes as forecast then families will still be paying £82 more a week on the cost of living than they were in 2021/22. 

Weekly spending on goods and services, such as food, transport and fuel bills, is forecast to have risen from £529 in 2021/22 to £611 today – or £356 more a month. 

Even if Rishi Sunak meets his target to halve inflation this month, families will still be over £300 a month worse off than they were in 2021/22.

Labour has called on the Government to introduce a proper windfall tax on the huge profits the oil and gas giants are making and use that money to help families with the cost of living.

Tulip Siddiq MP, Labour’s Shadow Economic Secretary, commenting on the analysis, said:

“Families in Britain are worse off because of thirteen years of economic chaos and incompetence under the Conservatives.

“We’ve had a decade of low growth, low pay and high taxes. Now families are paying the price of the Conservatives’ cost of living crisis with higher bills and prices in the shops. 

“If Labour were in power today, we would introduce a proper windfall tax on the huge profits the oil and gas giants are making to help families with the cost of living. Labour’s plan to build a strong economy will boost growth, increase wages and bring down bills so working people are better off.”

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Notes

According to the Office for National Statistics, the average weekly household spending in the UK was £529 in 2021/22. Family spending in the UK - Office for National Statistics (ons.gov.uk)

Inflation is forecast to have fallen in July to 6.8%. This means the cost of the same weekly shop will have risen from £529 in 2021/22 to £611 – an increase of 15.5% to £82 per week. That means that households would have to pay £356 more a month to do the same shop as in 2021/22.

Even if the Government were to meet their target of halving inflation this month, people’s weekly shops would still be £604 - £75 more per week (up 14.1%).