Recent times have been a period of significant financial change, costs for individuals and businesses have spiralled out of control and government intervention has been needed to reduce the impact on people.

Firstly, today’s news of the Bank of England base rate hike. An increase of 0.5 percentage points to 2.25% which is a 14 year-high in an attempt to kerb relentless inflation.

In practical terms, those with variable rate or tracker mortgages will see a hike in costs of around £250 per £100,000 of mortgage whereas savers may see an increase in interest but that will be slower to happen – I wonder why…

In other news, the government have announced that businesses will have their price rise limited in the new Energy Bill Relief Scheme.

Prices are expected to be double what they were in October 2021 but significantly less than the forecasts for this year. It will still be tough for many businesses but hopefully fewer will have to shut their doors due to rising energy costs.

Some help has been provided to help with the crippling cost of living crisis and support those struggling with spiralling costs but does it go far enough?

Do comment your thoughts below.