Commenting on the record rise to the energy price cap, Mubin Haq, CEO, abrdn Financial Fairness Trust, said:
“2022 is going to be a tough year and everybody is going to see significant hikes in costs, especially the vast increase in energy bills. However, a targeted plan to help those on the lowest incomes is what the country is missing. Today’s announcement from the Chancellor doesn’t go far enough to help the millions living on the margins, including the 4 in 10 on Universal Credit who are struggling to pay for food and essentials. The government has set out its plans to level up the country, but it must look at levelling up incomes too if it’s to avoid a chronic squeeze on living standards.”
