Higher inflation and debt threaten millions in UK: Experts

Rising inflation, low pay and increased debt are expected to affect millions of Britons next year, bringing more financial hardship for people.

The conditions will lower living standards for British households in 2017 as the country’s economy adjusts to the post-referendum environment, experts told The Guardian.

In the June 23 referendum, about 52 percent of British voters opted to leave the EU, while roughly 48 percent of the people voted to stay in the union.

“The specter of significantly higher inflation is a real concern. Many households have still not recovered from the last big squeeze on incomes in the aftermath of the financial crisis. The risk is that this new pressure on household budgets could tip many more people into financial difficulty,” said Joanna Elson, chief executive of the Money Advice Trust, the charity that runs National Debtline.

“As a society we need to prepare for what could be a significant increase in problem debt in…

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