By Malu Cursino
The news is from the BBC.
The image is from the same source.
A think tank has warned of a "year of the squeeze" for millions of families.
The Resolution Foundation predicts that households could be left with a £1,200 a year hit to their incomes due to higher energy bills, stagnant wages and tax rises.
The energy price cap and National Insurance contributions were highlighted in the report.
The government says it has put a lot of money in place to support families.
Millions of families are facing a cost-of-living catastrophe next year according to the Resolution Foundation.
The increase in National Insurance contributions is expected to cost the average household around 600 a year.
The failure of firms in the energy sector would add to energy bills.
Wholesale gas prices have gone up in recent months. They hit a new record of 450p per therm last week, which experts think will mean an average annual gas bill of around £2,000 next year.
The cost of living in the UK increased by 5.1% in the 12 months to November, the highest increase in 10 years, according to data from the Office for National Statistics.
The overall picture is likely to be one of rising prices and stagnant pay packets.
He said Chancellor Sunak could face increased pressure to take action to alleviate his economic plan.
The report by the foundation says that poorer families are going to be hit the hardest by the "year of the squeeze" as they spend more of their income on energy.
Reducing the Universal Credit taper was one of the things the government helped with, as well as measures to assist with bills, including cold weather payments and a freeze in alcohol and fuel duty.
The Resolution Foundation is dedicated to improving the lives of people.
Personal finance.
The industry of energy.
The economy of the UK.
