Following recent events, the domino effect has caused everyday items to be hiked higher in price, to a point that it’s becoming difficult for the regular person to afford their weekly shopping. Every day, we’re told of big corporations receiving record profits in the billions, and the CEOs receiving massive bonuses. Yet, in the past year, petrol and diesel prices have increased by forty pence per litre - that’s almost a 30% increase. It’s unsustainable.

Random assortments of items in local supermarkets like Iceland have seen a staggering 50% to 100% increase in cost, a price hike that not everybody can afford, and it’s the people who are already struggling for money that are being hurt further. It is entirely unfair for corporations to see this as an opportunity to earn more money at the expense of others suffering. In no modern culture should people have to choose between food, heating, or putting petrol in their car. 

 

In an attempt to combat the rising prices, Chancellor of the Exchequer, Rishi Sunak announced in his Spring statement the plans to cut fuel duty by 5p a litre. To those that do not have a reported net worth of nearly £200,000,000 - a surprisingly high amount of us - this plan has not seemed to have made the effect that people need to stay afloat, as seen on social media. 

 

There are also others on social media outraged at the Conservative government for not announcing a windfall tax on petrol. These users were even further incentivised by the recent Labour announcement by Keir Starmer, talking about his manifesto idea to introduce a one-off windfall tax on oil and gas profits. 

 

Suffice to say, people are unable to maintain their living standards with the rising prices. Data has shown a 4.3% inflation in food prices in February, and prices have only been climbing since. From January, economic statistics show that wages increased by 4.8%, but overall inflation increased by 6.2%, showing that even the salaries cannot keep up. 

 

We are watching a price increase that will further divide the classes and specifically harm the poorer people, and it is truly unsustainable. The efforts being made do not seem to be enough, and we can only hope to see a difference in our future.