Positive signs for 2023 after, year of living desperately

THIS should be the most wonderful time of the year, but few of us feel that way with the country facing strikes, blizzards, soaring food and energy bills, and record-high taxes.

- Harvey Jones

It is certainly hard to be of good cheer with rail union boss Mick Lynch playing the Grinch by threatening to steal the first normal Christmas in three years after those Covid lockdowns.

Yet there are some positive signs that suggest 2023 may not be quite as painful. This is not to minimise today’s problems, but it is worth reminding ourselves that not everything is doom and gloom.

PRICES PEAK

The cost-of-living crisis is forcing millions to make a desperate choice between eating and heating, despite a string of costly government rescue packages.

Yet there is a chance that inflation has peaked, with last Wednesday’s figure showing it had retreated to 10.7 per cent in November, down from 11.1 per cent in October.

City Index market analyst Fawad Razaqzada said one month does not make a trend, but added: “It is a move in the right direction and comes as inflation in the US and the eurozone shows signs of cooling too.”

Pensioners are among those hardest hit by inflation, as they spend more of their income on essentials such as food and fuel. Many of them are too old or ill to find a job and generate some extra income.

They have also been hammered by the decision to scrap the state pension triple lock for this financial year, giving them a pay rise of just 3.1 per cent as living costs took off.