You are here: Home - Household Bills - News -

How could the cost-of-living crisis be eased?

Written by: Emma Lunn
The Centre for Policy Studies (CPS) reckons it knows the answer and has proposed a number of simple and low-cost ways the government could help UK households as prices rise.

The think tank has published a briefing paper which outlines a host of measures that the government could implement immediately to help address the short-term challenges of the cost of living crisis – most at minimal or no cost to the Treasury.

The CPS says the government must begin by immediately conducting a cross-Whitehall assessment of the next two years’ worth of proposed policy changes and ensure that they don’t impose any additional charges on individuals and households. It says that if they do, they must be either delayed or scrapped entirely.

The CPS goes on to suggest that all departments should be asked to produce a list of charges they currently impose on households and ask whether they are necessary.

Alongside this review, the CPS says efforts should be aimed at tackling areas that impose the greatest financial burdens on households: housing, energy, food and childcare.

The paper sets out a number of proposals: taking the £153 green levy off consumer bills and directing it to general taxation, unilaterally abolishing tariffs on all imports and cutting regulation on childcare to minimise costs.

But it says these are only short-term solutions and the government must also focus on supply side reforms to unleash economic growth, increase our resilience and boost living standards in the longer term.

Karl Williams, report author and senior researcher at the CPS, said: “The cost of living crisis is showing no signs of abating any time soon. The ideas we have put forward today can support families in the short term, at very little or no cost to the Treasury.

“However, these steps must be supported by longer term supply-side reforms if the government is to deliver the economic growth that the UK desperately needs.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week