The UK is experiencing a cost of living crisis as millions of households slide into fuel poverty, benefits are cut and inflation rises.
This, combined with a serious shortage of affordable housing, meaning that existing properties are incredibly expensive to rent or buy, has resulted in a dramatic decline in living standards.
Forecast modeling reported last yearthat without a change in government policy, 32 percent of the UK population – 21.4 million people – will live below a socially acceptable standard of living as measured by the minimum income standard (MIS).
There was also a real drop in wages for millions. This means that while your salary has increased, daily life is more expensive. This is effectively a pay cut.
According to the latest report from the Office of National Statistics on Family Spending for 2020, the average UK household budget was £ 2,548 per month, £ 30,571 per year based on an average of 2.4 people per household.
That is 50 percent more than in the average European country.
What are the costs of living in Birmingham?
Compared to London, Edinburgh, York, Cambridge and Bath, Birmingham is not one of the most expensive places to live in Great Britain.
According to Cost of Living Experts Numbeo, it is the 22nd most expensive city out of 33 listed cities
The estimated monthly cost for a family of four excluding rent is £ 2,193.54 per month.
The approximate monthly cost for an individual is £ 627.76 excluding rent.
Compared to London, Birmingham has a far lower cost of living.
Consumption costs including rent are 37.17 percent lower in the country’s second largest city than in the capital.
However, house prices in Birmingham rose 5.8 percent in the past 12 months. Zoopla claims while the average home fee as of January 2022 is £ 234,269.