Families in the UK are set to face an extra £1,000 in expenses during the Christmas season due to inflation, according to new analysis. Festive prices have surged by 22% since 2020, making Christmas more expensive for households across the country. Larger families can expect to spend £1,400 more compared to three years ago, while couples with one child will see a surge of £1,250 and lone parents will pay an additional £750. The Centre for Economics and Business Research (CEBR) projects that households will spend 23.7% more during November and December compared to the rest of the year, which is a fifth above the annual average. Meanwhile, total retail sales in the UK have experienced lower growth compared to last year, with the British Retail Consortium reporting a 2.7% growth in total sales in November 2022, compared to 4.2% in November 2021.
Labour Blames Tory Chaos for High Christmas Bills
Labour's Shadow Chief Secretary to the Treasury, Darren Jones, has criticized the price surges and stated that families will be forced to tighten their belts or go without due to the thirteen years of Tory chaos and instability. Jones argued that working people are paying the price for high bills this Christmas and that Labour aims to grow the economy by investing in Britain to boost wages, bring down bills, and improve the financial situation of people across the country.
Money-Saving Tips from Martin Lewis
In light of the increased expenses, Martin Lewis, the money-saving expert, has shared some tips to help people save money during the festive period. Lewis suggests focusing on energy efficiency as a way to reduce energy bills. He advises minimizing the use of tumble dryers, maximizing the load, and reducing the drying time. Additionally, Lewis recommends considering the use of dehumidifiers, which consume less wattage than tumble dryers. However, the initial cost of buying a dehumidifier should be taken into account. Prices can range from £45 to several hundred pounds, depending on the type chosen.
Another tip from Lewis is to book Christmas food delivery slots early. As Christmas is the busiest time of the year for securing a delivery slot, it is advisable to act fast. Supermarkets like Tesco, Sainsbury's, and Asda have already released their slots, and many have been taken. Planning spending is also crucial, according to Lewis. It is important to calculate and stick to a budget to avoid overspending and financial difficulties. Free online budget planners offered by organizations like Citizens Advice and StepChange can be helpful tools in this regard.
