Family Building Society members expect economy to slow as cost-of-living concerns rise
Most respondents said the cost of living is the biggest threat to their financial wellbeing, and half are worried about higher taxes. Family Building Society has found that more than two thirds of its members. . .
Most respondents said the cost of living is the biggest threat to their financial wellbeing, and half are worried about higher taxes. Family Building Society has found that more than two thirds of its members expect the UK economy to slow in the next six months, with rising energy costs and taxation as main concerns. Most respondents said the cost of living is the biggest threat to their financial wellbeing, and half are worried about higher taxes. More than 70% said the Government should step in to help people with rising energy costs. Direct financial support was the preferred option for 45%, while 40% wanted the current price cap extended. Other suggestions included cutting fuel duty and increasing public transport subsidies. Alistair Nimmo, director of marketing at Family Building Society, said: “The cost of living, and the prospect of further rises in energy bills, is hitting households across the UK hard. “Our members’ concerns about the economy reflect the mood of many people across the country. “Although many respondents are broadly satisfied with their current financial wellbeing, they believe the Government should do more to help people manage rising energy costs. ”Nimmo added: “They want clear, immediate financial support for households and businesses facing higher bills to help protect the wider economy. ”