Londoners are being hit harder by the cost of living crisis than people living in other parts of the country, City Hall research has suggested.
It said this was being driven by the rising food prices and the cost of renting – with private homes costing 15.8 per cent more than the previous year when they were being re-let.
A one per cent fall in wages in the hospitality sector, which employs about 375,000 Londoners, was also a concern.
However, energy bills, fuel costs and the price of a new car were said to be less of a concern due to the capital’s warmer climate, smaller homes and reduced dependency on private transport. Average London wages have risen 14 per cent since February 2020.
Overall, the overall increase in bills in London over the last six months was said to be about 1.5 points higher than the national rate of inflation, which hit 10.1 per cent last month – the highest rate for 40 years.
Polling suggests that almost one in five Londoners are struggling financially – while three in 10 are “just about managing”.
Mayor Sadiq Khan has called for a “lifeline tariff” to be introduced by energy firms – effectively guaranteeing a minimum amount of free power before charging starts.
He said: “Whoever becomes the next Prime Minister must make tackling the cost of living for Londoners – and people across the country – their top priority.”
