Is 2022 looking bleak for our finances thanks to soaring inflation?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 20 November 2021

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Inflation hit its highest level in a decade this week off the back of soaring energy costs and petrol prices.

Why is the cost of living on the rise, when will interest rates go up, and how will all this affect the pound in our pocket?

This week, Georgie Frost, Lee Boyce and Mike Sheen take a look at the 4.2 per cent CPI figure and how it is becoming harder to ‘inflation proof’ your finances.

It looks like the state pension triple lock could be doomed – that 3.1 per cent rise pencilled in for next year doesn’t look generous considering the rise in the cost of living.

There is a special delivery for Royal Mail shareholders while major banks are not only shuttering branches, but are increasingly telling customers to serve themselves.

And finally, TSB is the latest bank to offer a prize draw, is it a good alternative to Premium Bonds or simply a gimmick?

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to This Is Money podcast. I'm Georgie Frost, and today we have not one but two pod debuts.
0:06.5	The first from This Is Money's new deputy editor, you might know him, a Mr. Lee voice.
0:12.1	Congrats on the promotion, by the way, Lee.
0:13.8	And alongside Ali is news editor Mike Sheen. Mike, welcome.
0:18.6	Coming up, inflation hits its highest level in a decade this week, but that's not
0:22.7	even expected to be the peak. So why is the cost of living on the rise? When will interest rates
0:28.4	go up? And whether you're a saver, investor, mortgage holder, prospective property buyer or business
0:33.1	owner, how exactly is it going to impact you? Also today is the state pension triple lock doomed,
0:39.8	a special delivery for royal mail shareholders, the banks that say serve yourself, and is
0:45.3	TSB's new savings prize draw better than premium bombs? Don't be getting to start to date.
0:51.2	With all the latest breaking money news, just go to this ismoney.com.com.
0:55.0	UK or download the app. But first, inflation rose from 3.1% to 4.2% in the year to October.
1:03.6	That's its highest level in 10 years, piling pressure on households, businesses and the Bank of England.
1:09.4	Rising energy costs, surges in fuel prices,
1:12.0	upcoming tax rises, and a potential increase in interest rates mean, will we all face being
1:17.6	a little bit worse off? The Institute of Physical Studies reckons those on 30,000 will have about
1:23.4	£1,420 less to live on. But what is happening? Why is it going up? When all rates rise?
1:30.8	What does it all mean? Mike, welcome. I'll come to you first.
1:35.9	Thank you. Well, yeah, no, as you say, inflation is certainly proving to be slightly less transit
1:41.9	transitory than the Bank of England, or indeed any other central
1:44.3	bank was initially expecting. There were a few premature size of relief last month when the rate
1:50.1	came in below expectations, but this was just a reflection of comparisons to the Eat Out
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from This is Money, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of This is Money and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.