Inflation in the UK has risen steadily over the last year. The Bank of England have confirmed that action will need to be taken in order to control further increases. A suggested raise in current interest rates has increased the concerns facing most UK households.

A majority of individuals do not pay attention to what percentage rate UK inflation fluctuates at. What triggers their interest and raises alarm bells is the continuing increase in normal living expenses, fuel, food shopping, travel and heating costs are all telltale signs.

With most families already reigning in spending, increased costs of living expenses is pushing most people to the limits of their budgets. It is a simple fact that to maintain current lifestyle, families have to increase the monthly household income.

The average family having already reduced spending on the high streets are starting to look at cheaper alternatives for their weekly food shopping. With foreign holidays reduced in frequency or cancelled altogether, long journeys and less use of the car saving petrol costs are common themes being widely reported across the country.

Families are certainly feeling the squeeze, they are looking to reduce outgoings whilst increasing the monthly pay packet. Much thought and research is also going into finding alternative ways of protecting income. A senior Union official Brendan Burban the general secretary for the trade union congress has advised that there is a distinctive livelihood gap across the UK that threatens the living standards of everyone barring the super rich.

With interest rate rises imminent and escalating living costs, essentially UK families need to take necessary action. It is paramount that in the worst case scenario with redundancy the outcome, families have sufficient income protection cover.

Time is of the essence, spending valuable hours researching income protection insurance or payment protection cover as its sometime known, will not be a wasted exercise. Insurance policies provide a monthly benefit amount paid directly to the individual which will cover their monthly outgoings.

 

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