Families ‘drop the price by £150 this Christmas and will face £700 debt by spring’

FAMILY faces £150 worth of living expenses into their wallets by Christmas this year and a £700 profit in the spring, Boris Johnson has been warned.

The PM is under pressure to reduce taxes on hard-working Britons struggling with cost of living crisis.

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Labor today stepped up calls for ministers to scrap VAT on heating bills during the winter months to ease tensions.

The party’s analysis of Bank of England statistics shows the average family will lose £148 this festive season compared to normal.

While households spent £3,282 last Christmas, that figure will be £3,430 this year.

But the real sting will come in the spring when Britons face double rises in National Insurance payments and cap energy prices – while personal pension income tax kicks in as well.

Labor said someone on a salary of £30,000 a year has to pay £330 more due to the freeze and 1.25% NIC increase.

From April, Rishi Sunak is raising the NIC to implement the growing health and social care bill.

And the expected 30% increase in the energy price cap will add £383 to the bills – costing your average Briton more than £700 in total.

Shadow Chancellor Rachel Reeves told The Sun: “Right now, everyone is being impacted by the cost of living crisis which has driven up energy bills, increased food costs and stretched weekly budgets. .

“That’s why Labor is calling on the government to immediately eliminate VAT on household heating bills during the winter months.

“Aside from the biggest tax burden in 70 years, the complacency of the Conservatives is costing us high taxes, low growth cycles, making the cost of living crisis worse and cost those who are working.”

A Government spokesman said: “We know people are facing cost-of-living pressure which is why we are taking action worth more than £4.2 billion. to help them.

This includes targeted assistance to the most vulnerable and low-income households during the winter months with the Warm Home Discount Program, Winter Fuel Payments, Cold Weather Payments and Funds. Household Support.

“Domestic bills, such as gas and electricity, have been reduced to the 5% VAT rate and our Energy Price Cap will remain in place.”