The unholy trinity of rising energy, fuel and food prices is forcing U.K. residents to sacrifice luxuries — and even necessities — in a cost-of-living crisis that is already far worse than many predicted earlier in the year. Things are similarly bleak in the U.S., where inflation hit 8.6% in May, and the Federal Reserve has responded by raising interest rates by three-quarters of a percentage point — the sharpest hike in 28 years.
Granted, the war in Ukraine has exacerbated the situation. But with inflation now at 9.1% in the U.K. and the Bank of England, which raised interest rates to 1.25% in mid-June, predicting that will increase to 11% in the fall, plus almost daily record-high petrol and diesel costs, things are unlikely to improve any time soon.
In response to all of this, employers on both sides of the Atlantic are pushing through new policies to better support their employees.
This article was first published on DigiDay’s future-of-work platform, WorkLife, in June 2022 – to read the complete piece please click HERE.