The Resolution Foundation warns UK child poverty could hit 34% by 2030 amid rising costs and benefit caps. Independent think tank since 2005.
UK inflation dropped to 3% in January, with benefits increasing in April. Despite support, many still struggle with high living costs, cutting essentials and facing unclaimed benefits. Argentina and Australia face rising household debts and living costs amid economic challenges.
UK unemployment rose to 5.2% in December, the highest since early 2021, driven by rising labour costs and economic slowdown. Youth unemployment reached nearly 14%, with private sector wages stagnating. Experts predict further interest rate cuts as inflation eases, but concerns about job security persist.
The UK faces potential energy bill increases of up to 0 in the coming months due to global tensions in the Middle East, which have pushed gas and oil prices to three-year highs. The government and regulators are monitoring the situation closely, with possible impacts on household costs and inflation.
Recent forecasts from the UK’s Office for Budget Responsibility (OBR) and the British Chambers of Commerce (BCC) indicate slower economic growth and rising unemployment for 2026. The outlook is now more uncertain due to escalating Middle East conflicts and policy impacts, with inflation expected to fall but remain volatile.
The conflict in the Middle East has caused oil prices to spike past $90 a barrel, the highest since 2024, driven by threats to supply routes and production halts. Markets fear prolonged disruption will fuel inflation, impact energy costs, and threaten economic stability globally, especially in the UK and Europe.
G7 ministers are meeting via videoconference to address the economic impact of the Middle East conflict, focusing on soaring energy prices, supply disruptions, and US war aims. The meeting aims to coordinate responses and clarify US objectives as tensions escalate and oil markets remain volatile.
Cost of living concerns grow as Middle East conflict disrupts global oil markets, raising prices for essentials. Inflation remains at 3%, but household confidence drops, with many dipping into savings. Benefit payments are adjusting for April, with universal credit recipients set for a boost.
Inflation has risen to 3.3% in March as fuel costs jump amid Middle East tensions. BoE is holding rates at 3.75% while weighing energy-price shocks and growth risks. NatWest reports first-quarter profit, while Santander completes TSB takeover; economists warn policy may tighten if energy shocks persist.