Britain braces for the long haul: Four-fifths believe cost of living will STILL be rising in a year

EXCLUSIVE – Britain braces for the long haul: Four-fifths believe the cost of living will STILL be rising in a year with just one-in-10 saying they have NOT made sacrifices to save money

  • 80% said they believed the current economic problems will go on into 2023
  • Some 63 per cent said they had cut back on food shopping in the past month
  • And almost half (46 per cent) have reduced their spending on fuel as prices soar

Britons have a gloomy outlook for the future with four-in-five believing the cost-of-living crisis will still be hitting them in the pocket in a year’s time. 

Some 80 per cent of those polled for Mail Online said they believed the current economic tightening of belts will go on into 2023.

This is despite politicians and economists’ hopes that the current spike in inflation can dissipate as quickly as it is rising. 

The exclusive polling by Redfield and Wilton Strategies also shows the extend to which families are already cutting back on spending to deal with rising prices.

Some 63 per cent said they had cut back on food shopping in the past month, up from 57 per cent asked the question in June. And almost half (46 per cent) have reduced their spending on fuel as prices soar, up from 39 per cent.

Just one in 10 said they had not made any recent changes to their expenditure in a range of areas, down from 14 per cent in June.

More than four-in-five (83 per cent) said they were concerned about the cost of living rising as the year goes on, up from nearly three quarters (73 per cent) in September last year.

Some 80 per cent of those polled for Mail Online said they believed the current economic tightening of belts will go on into 2023.

Some 80 per cent of those polled for Mail Online said they believed the current economic tightening of belts will go on into 2023.

The exclusive polling by Redfield and Wilton Strategies also shows the extend to which families are already cutting back on spending to deal with rising prices.

The exclusive polling by Redfield and Wilton Strategies also shows the extend to which families are already cutting back on spending to deal with rising prices.

It comes after Liz Truss and Rishi Sunak last night tore into each other on live television over over tax and borrowing rates needed to stimulate the economy.

The the Foreign Secretary had earlier vowed to temporarily remove green levies to take £153 off household power bills and relieve the cost-of-living pressure.

Ms Truss, who is languishing in third in the race to replace Boris Johnson, also vowed to reverse a planned increase in corporation tax next year from 19 to 25 per cent – at a cost of £16billion.

But live on Channel 4 last night Mr Sunak defended his record in No 11, saying: ‘I don’t think the responsible thing to do right now is launch into some unfunded spree of borrowing and more debt, that will just make inflation worse, it will make the problem longer.’

Ms Truss pinned the blame on the Bank of England, saying ‘we have inflation because of our monetary policy, that we haven’t been tough enough on the monetary supply, that’s the way that I would address that issue’.

But the former chancellor told her: ‘Borrowing your way out of inflation isn’t a plan, it’s a fairytale.’

Ms Truss responded: ‘I think it is wrong to put taxes up.’

Later Ms Truss appeared to take a swipe at Rishi Sunak’s record as chancellor in her final remarks at the Channel 4 Conservative leadership debate.

Speaking after Mr Sunak, she said: ‘We face grave challenges as a country, the worst economic crisis for a generation, an appalling war perpetrated by Russia in Ukraine, after decades of very slow growth.

‘Now is not the time for a continuity of our current economic policy.

‘We need to be bold, we need to do things differently, we need to cut taxes, we need to unleash growth, and we need to unleash the potential of all of the people across our great country.

‘I’m somebody who can go into Downing Street on day one and get the job done.’

Rishi Sunak said he would ‘get things done’ as prime minister, tackling problems ‘honestly and responsibly’.

Speaking on the Channel 4 debate, he said: ‘We all want to cut taxes so people keep more of their own money. We all want to improve public services. We all want secure borders.

‘But the choice at this election is, who can be trusted to grip this moment and get things done?

‘The question is simple. Do we confront the challenges facing our country honestly and responsibly, or not?

‘For me, there is only one answer.’

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