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Cancelled holidays and retirements in Nottingham due to cost of living crisis

today25 June 2022

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For many people, sentimental milestones are supposed to be a time of celebration. The cost of living crisis, however, has meant many people are having to cut back on times that are supposed to be filled with joy.

Weddings, buying a house, having a baby, buying a car and going on holiday are some occasions many of us have saved for. But a report from Legal and General shows that in Nottingham, 71% of people have had to cut back on their future plans due to higher living costs.

Read more: Warning in Nottingham suburb that ‘everyone is struggling’ as cost of living increases

Jennifer Dean, 59, is among those thousands of people to have made sacrifices. The sales assistant from Strelley was hoping to take an early retirement at 60 but has said that’s no longer possible.

Jennifer said: “I was hoping to retire next year but with the way things are I won’t. I also have three children as well who are grown adults but I still help them sometimes as well – your responsibility of being a mum never stops. Between helping my children with some of their finances, paying for my own bills, fuel and other stuff, I don’t think I’ll be retiring for now.”

With the energy price cap set to rise again in October, the Government has announced £450 for all households in the UK to help with bills. Nottingham City Council has also secured funding of £3.5 million to support vulnerable households across the city.

Caroline Sutherland, 32, has a friend who has had to postpone her wedding. The receptionist, from Carlton, added: “I’ve luckily only had to cut back on minor stuff such as eating out as much but my energy bill compared to previous years is unbelievable.

“It’s tripled, it’s ridiculous. There’ll be many people who can’t afford to buy houses and their mental health will be affected because they feel like they aren’t where they want to be but many people will be in the exact same boat.”

Tony Bell, 57, has recently retired. The ex-IT consultant from County Durham was visiting Nottingham. Tony said: “The cost of living is pretty high, it’s not going down.

“Will fuel ever go down? I live in County Durham and have a coal fire. For one bag of coal it’s around £13 and we need about 3 a week.”

Tony mentioned that as much as people need to be as “green as possible”, it is more expensive to do so. He continued: “My daughters had to cancel holidays, we haven’t had to cancel anything but we’ve thought about it.

“We look at the budget to see what we can pull back on. I can’t imagine what it’s like for younger people at the moment.”

Frank Andrews, 45, has said that “luckily” the cost of living crisis isn’t affecting him too badly, but he still worries for the future. He said: “Of course, we’ve all seen the rise in bills, if you haven’t that’s a miracle.”

The engineer from Stapleford added: “Luckily, though, the cost of living crisis isn’t impacting me too badly but it very well could do in the future so, me and my wife do have to budget a little harder so that if things do hit us, whilst we’re working we’ll have extra security.”

Labour MP for Nottingham East Nadia Whittome has said: “The cost of living crisis is having a devastating impact on people in Nottingham, with many cutting back on all but the essentials and others struggling to make ends meet at all. Meanwhile, profits for the UK’s biggest companies are up 73% on pre-pandemic levels.

“I disagree with the Prime Minister, who’s said that people shouldn’t be asking for a pay rise. Workers, especially those that are already low-paid, need their wages to keep up with inflation at the very least, otherwise even more families will be pushed into poverty. Benefits must also rise.

“If you’re not already in a trade union, I would highly recommend joining one now and working with your colleagues to negotiate for better pay. In a cost of living crisis, it is profits that should be squeezed, not wages.”

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Written by: thehitnetwork

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