The money.co.uk website have worked out that with the nominal salary increased set at 3% as from April 1 and inflation at 2.2%, workers in the UK are expected to receive a 0.8 per cent real-term salary increase in 2019 which averages out to an extra £20 per month or £237 per year on the average income.
Unfortunately April 1 is also known as National Price Hike Day when the prices of everyday items are increased so how far will that extra £237 pay rise reach?
Prescription costs will go up by 20p from £8.80 to £9 (2.27%) and average water and sewerage bills will rise by an average of £8 to £415 (2%) while Royal Mail have announced the price of first-class and second-class stamps were going to increase by 3p (4.6%).
Air Passenger Duty is to increase by £16 (10%), The NHS charge for a dental check-up will increase by £1.10 (5%), mobile contract prices by 2.5%, the TV licence fee will increase by £4 to £154.50 (2.5%) and Sky will see an increase of £2 a month (5%).
Household in England faces a £78 hike in Council Tax (4.5%) and the cost of gas and electricity in the home will rise by 10% and car tax by 5% and standard Broadband costs are rising by £12 a year.
Throw in the amount of money people pay into workplace pensions will rise from 3% of their income to 5% and that everything else will be going up by 2.2% and that 3% extra in your wage packet isn't going to stretch anywhere at all.
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