A typical family in the commuter belt is grappling with an additional £300 burden each month, primarily driven by escalating mortgages, coupled with rising rail fares and food prices.
This alarming revelation comes from an analysis conducted by the Liberal Democrats, emphasising the deepening cost of living crisis.
The anticipation of inflation figures set to be unveiled today at 7am, 16th August 2023, has many fearing even higher expenses in the near future. If the Retail Price Index (RPI) inflation remains consistent at its current level, rail fares for popular routes might experience a staggering rise, costing average commuters an extra £31 monthly.
However, it’s not just the transportation costs that are becoming a concern for households. The average monthly mortgage payments have surged by £220. Additionally, the standard monthly food expenses have seen an increment of £57. This means that for an average family, where one member is a train commuter, the collective increase from rail fares, mortgages, and food could result in an additional £300 in monthly bills.
Liberal Democrat Leader Ed Davey (pictured) expressed his deep concerns, stating: “This Conservative government is hammering families with a triple whammy of spiralling mortgages, food bills and now huge rail fare hikes too.
“People are already having to make big sacrifices just to make ends meet, but Rishi Sunak is so out of touch he just doesn’t seem to care. After years of chaos under the Conservatives, people are paying more for less and seeing their hard-earned money disappear.”
In light of these pressing challenges, Davey is urging the government to impose a freeze on rail fares as a much-needed relief for struggling families. Furthermore, the Liberal Democrats are advocating for a specialised mortgage support scheme, which would provide grants to those families grappling with the most significant mortgage cost hikes. Davey further added: “The Government needs to finally offer some relief for millions of families on the brink, by freezing rail fares and bringing in a mortgage rescue fund.”
