According to the charity StepChange, which deals with debt counseling, the rapidly rising cost of living has become a major problem for British households.
British families have been advised to get their finances in order amid heightened stress from the growing cost of living crisis, which is now said to be a major concern for people across the UK.
At the same time, according to numerous forecasts, the situation will only worsen.
Thus, the Bank of England warned that the threat of a recession hung over the economy of the United Kingdom.
“Inflation could rise to a 40-year high, exceeding ten percent by the end of 2022, when further significant increases in marginal energy prices are expected,” the bank said in a forecast.
The National Institute of Economic and Social Research estimates that 1.5 million British families, or one in 20 families, will face unprecedented food and energy bills that will exceed their income.
Meanwhile, a survey conducted by Britain Thinks showed that more than 90 percent of British residents are concerned about the consequences of rising prices.