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As the global economy recovers, many economies are experiencing high inflation, in
part due to pressures from rising energy prices and disruptions to global supply chains.
These global pressures are the main driver of higher inflation in the UK.<p> </p>We
understand the pressure that a higher cost of living places on people and low-income
families. The government is providing support worth over £20 billion this financial
year and next that will help families with the cost of living. This includes cutting
the Universal Credit taper rate and increasing work allowances to make sure work pays,
freezing alcohol and fuel duties to keep costs down, and the £9.1 billion package
announced in February 2022 to help households with rising energy bills.
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