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Out of the pockets of the poor – into the pockets of the rich
Ahead of the Chancellor’s Spring Statement this week, JON TRICKETT MP reminds us what the ‘cost-of-living crisis’ is really all about
People in Newcastle take part in the People’s Assembly nationwide protest about cost of living crisis, February 2022

WORKING people are experiencing the greatest fall in living standards for 30 years. But while millions of people on low and middle incomes are struggling to keep themselves afloat, the super-rich continue to accumulate astronomical levels of wealth.

The “cost-of-living crisis” is hitting millions of families across our country. In December, inflation reached 5.5 per cent, according to the Office for National Statistics. This is the highest level of inflation since 1992 — 30 years ago. 

The Bank of England has predicted inflation could hit 7.25 per cent later this year. Now the war in Ukraine is making the situation even worse. 

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