Nearly seven million people say they have “nothing left” to cut back on in the face of a looming wave of crippling energy price hikes, research has revealed.
The number warning that they have no financial slack rose to more than one in four among low-income households. In Scotland, just 52 per cent were confident they could maintain their “current lifestyle” in the coming year – compared with 56 per cent across the UK.
Millions of households are already in the grip of a cost-of-living crisis following a surge in energy, food and fuel bills. Experts warn the situation is set to worsen, with inflation predicted to rise from its 40-year high of more than nine per cent to 12 per cent in the autumn.
One of the main reasons is energy costs, with a price cap set by regulator Ofgem forecast to rocket from £1971 a year to more than £3500 in October.Scottish Labour’s finance spokesperson Daniel Johnson said: “This cost of living crisis has already pushed too many Scots to the edge.
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