Beyond Sticking Plasters: Cost of living and the energy crisis
Stonehaven
UK energy prices have increased by about 50% over the past six months and further sharp increases are expected over the next year. This will squeeze domestic budgets, especially for those households with less than the average disposable income of £31,000 a year, for whom energy already makes up 7% of expenditures.
At the end of May, the UK government unveiled a £15bn-plus policy package to address higher prices, big enough to redistribute close to 1% of national output.
While this will mitigate the immediate pressure, governments need to think beyond the short term. The shock also illustrates the need for Britain (and others) to face up to medium term challenges: the carbon transition and the need to resist Putin’s designs on the balance of power in Europe. Both require fundamental reform of our energy systems, not financial sticking plasters.
In our latest report “Beyond Sticking Plasters: Cost of living & the energy crisis” (available to view below), we look at how UK consumers are reacting to the energy shock and their expectations of the UK government.
In this report, we also propose set of solutions that could both help the public with high bills in the short term, respond to public desire for a roadmap towards a more resilient energy economy, and support longer term goals such as moving towards Net Zero emissions at the lowest cost.
To find out more about how we can help your business drive meaningful change through data-backed strategy and influence, get in touch with us today.