Debt-hit consumers warned: 'No end in sight for soaring prices'
Debt-hit consumers warned: 'No end in sight for soaring prices'
Monday 23rd June 2008
In a speech at a summit in Saudi Arabia, the prime minister told delegates that the only way to fend off the price increases would be to agree a "new deal" with oil exporting countries.
Until this is achieved, however, he said that "uncertainty and unpredictability" over day to day living costs will continue to hit consumers, he said.
News of Mr Brown's remarks comes as energy experts last week predicted that prices for gas and electricity could rise as much as 40 per cent by the end of the year.
Should this prediction prove correct, it is estimated that the average household's energy bill will rise to over £1,400 per year.
Consumers are already struggling with double digit increases on energy tariffs imposed earlier this year, as well as higher repayments on mortgages and mounting credit card debt.
The squeeze on household finances is expected to fuel a huge rise in the number of people taking out debt management solutions such as Individual Voluntary Arrangements (IVAs) this year.
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