The UK government has said that the cost of living will increase in 2022.
British drivers have been warned to expect a “real terms” increase in the cost of living next year, as a result of Brexit. The warning comes from the UK’s Office for Budget Responsibility (OBR), which has predicted that inflation will rise to 2.5% in 2022. Inflation is currently at 1.8%, and it was just 0.3% when the OBR made its last predictions on March 20th.
The new figures were published alongside Chancellor Rishi Sunak’s Spring Statement, which outlined how he expects the economy to perform over the next five years.
However, Sunak also warned that there are “significant risks” facing Britain’s economy and said that there is a chance that growth could be lower than expected.
