Another blow as household bills could rise by £6,000 this year

Households could be in for yet another blow following reports that bills could rise by around £6,000 by the end of the year. The average household is expected to pay £6,219 more this December compared to the same month of 2021 as the cost of living crisis continues to grip families, according to the Centre for Economic and Business Research .

, power experts at Cornwall Insight said last week. And with the Bank of England raising base rates, mortgage costs are rising, too.Last week the central bank increased the base rate from 1.25% to 1.75% - a rise of 0.5 percentage points. It is the sixth time in a row that the BoE has hiked interest rates - and marks the largest increase in 27 years.

Around 80% of homeowners have fixed-rate mortgages, with the rest on variable deals. Most fixed-rate deals are for two years. That increase is just for the absolute cheapest deal, with many homeowners facing far steeper prices. Grocery costs are also rising, adding pressure for hard-up households.

blimey , think i better hibernate for the winter

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