Inflation figures published by the Office for National Statistics (ONS) recently showed that inflation rose to 7% in the year to March – add to that increasing energy bills and rising food prices, and the UK is facing a major cost-of-living crisis. That’s why Government Ministers have have been tasked with pitching non-fiscal suggestions to help tackle the crisis, with Prime Minister Boris Johnson calling for “innovative ideas” that don’t rely on spending taxpayer money to help combat rising prices.
Amongst the ideas put forward by ministers were relaxing the frequency of MOTs, lowering the legal limits on adult supervision of children in nurseries in order to reduce childcare costs, scrapping tariffs on food produced exclusively abroad, lifting green levies on bills and reminding the public about unclaimed benefits, of which there are around £15bn every year. As always, there are pros and cons to each suggestion, and it remains to be seen if any of these will be taken forwards.
We’re keen to hear your suggestions for tackling the cost-of-living crisis – what big ticket item would you implement, and why?!